First Time Home Buyer

Prime Minister Justin Trudeau's government is introducing significant changes to make homeownership more accessible for younger Canadians. Starting on December 15, 2024, first-time homebuyers and buyers of newly built homes will be eligible for 30-year mortgages. The government will also raise the cap on mortgage default insurance, allowing homes worth up to $1.5 million to be insured.

9/16/20241 min read

two woman sitting near table using Samsung laptop
two woman sitting near table using Samsung laptop

Read Full Article on BNN: Trudeau Loosens Mortgage Rules in Bid to Woo Younger Voters – BNN Bloomberg

Prime Minister Justin Trudeau's government is introducing significant changes to make homeownership more accessible for younger Canadians. Starting on December 15, 2024, first-time homebuyers and buyers of newly built homes will be eligible for 30-year mortgages. The government will also raise the cap on mortgage default insurance, allowing homes worth up to $1.5 million to be insured. This change helps buyers with less than a 20% down payment access more expensive properties.

These reforms are part of the government's strategy to improve affordability, although some economists warn they could further increase housing prices in the long term. Finance Minister Freeland highlighted that the extended amortization for new builds will contribute to boosting housing supply.