Big updates have been introduced to make homeownership more accessible across Canada! Here's what you need to know:

Higher Property Value Limit for Insured Mortgages (mortgages with less than 20% down payment)

- Previously, insured mortgages were only available for properties valued under $1 million.
- Now, buyers can qualify for an insured mortgage on properties valued up to $1.5 million!

 Down payment requirements remain:
- 5% for the first $500,000 of the purchase price.
- 10% for the portion between $500,000 and $1.5 million.

 30-Year Amortizations for First-Time Homebuyers
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First-time homebuyers can now qualify for a 30-year amortization on insured mortgages, significantly reducing monthly mortgage payments.
- Only one applicant in a joint application needs to be a first-time homebuyer to qualify for this benefit!
- All buyers of newly built homes who meet this condition can also take advantage of this program.

These updates aim to make homeownership more affordable. Allowing access to higher-priced properties with smaller down payments. Offering first-time buyers the flexibility of longer amortization periods, making it easier to manage monthly payments.

If you're ready to take advantage of these changes or want to learn how they impact your buying power, let’s chat! Send me a message to book your free consultation.