Several significant changes to the Canadian mortgage industry are set to take effect from now until the end of 2024. Here are the key updates: Higher Insured Mortgage Cap: Starting December 15, 2024, the insured mortgage cap will increase from $1 million to $1.5 million. This is aimed at making home ownership more accessible, especially in high-cost markets like Toronto and Vancouver. The new down payment requirements will be 5% on the first $500,000, 10% on the portion between $500,000 and $999,999, and 15-20% on the remaining portion up to $1.5 million. 30-Year Amortization for First-Time Home buyers: Also effective from December…
