More Good Real Estate News From The Federal Government

On September 16, 2024, Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced additional measures to make mortgages more affordable for Canadians (https://bit.ly/3XMTi4I). This builds on the new mortgage rules that came into effect on August 1, 2024, allowing 30-year insured mortgage amortizations for first-time home buyers purchasing new builds. As of December 15, 2024, 30-year mortgages will be available to anyone who purchases a new build. In addition, to help more Canadians qualify for a mortgage with a downpayment of less than 20 per cent, the government has increased the insured-mortgage cap to $1.5 million from $1 million.

These are bold steps that build on the Canadian Mortgage Charter announced in Budget 2024, which enables insured mortgage holders to change lenders at renewal without having to complete another mortgage stress test. The Government of Canada went further to release the blueprints for a Renters’ Bill of Rights and a Home Buyers’ Bill of Rights (https://bit.ly/4gvZghq), in aid of making the housing market fairer across Canada.

Combined with recent rate cuts by the Bank of Canada, with more to come (the possibility of dropping to 3 per cent in January), things are looking rosier in new home real estate than they have in years!