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…

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Original Article Source Credits:   Canada Mortgage and Housing Corporation , https://www.cmhc-schl.gc.ca/

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Link to Original Article:  https://www.cmhc-schl.gc.ca/en/housing-observer-online/2020-housing-observer/augusts-canadian-housing-starts-increased

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