Boldest Mortgage Reforms in Decades
Effective Dec 15, 2024, the price cap for Insured mortgages will be raised from $1,000,000 to $1,500,000. This will allow buyers the ability to purchase a home over $1,000,000 without having a 20% down payment. Also, previously only for first time buyers, now ALL buyers purchasing a New Build can benefit from a 30yr Amortization.
Already in effect, the Tax-Free First Home Savings Account, which allows Canadians to contribute up to $8,000 per year, and up to a lifetime limit of $40,000, towards their first down payment. Tax-free in; tax-free out.
The RRSP Home Buyer’s Plan as increased from $35,000 to $60,000 per individual ($120,000 per couple).
