Updates to Insured Mortgages & First Time Home Buyers

Increase to the Insured Mortgage Limit:
Starting December 15, 2024, the government will raise the insured mortgage price limit from $1 million to $1.5 million to better align with the current housing market. This adjustment will help more Canadians, particularly younger buyers, qualify for insured mortgages, making home ownership more accessible.

Broader Eligibility for 30-Year Amortizations:
First-time home buyers and purchasers of newly constructed homes will now be eligible for insured mortgages with 30-year amortization periods. This move aims to lower monthly payments, making it easier for Canadians, especially Millennials and Gen Z, to step into home ownership.

Enhanced Mortgage Competition:
The updated Canadian Mortgage Charter will now allow insured mortgage holders to switch lenders at renewal without undergoing another stress test. This change promotes competition among lenders, ensuring Canadians have better access to competitive mortgage rates.