Changes will soon be coming to Canadian mortgage rules that the federal government hopes will make it easier for potential homebuyers to get into the housing market.
The new rules, announced Monday, mean potential buyers will no longer need a 20 per cent downpayment to buy homes with a purchase price of between $1 million and $1.5 million. Previous rules required homebuyers with a downpayment of less than 20 per cent to acquire mortgage insurance. That insurance was only available for homes priced at $1 million or less.
All first-time homebuyers will also now be eligible for 30-year mortgage amortizations. With the exception of first-time homeowners buying newly built homes, homebuyers requiring mortgage insurance are currently restricted to 25-year amortizations.
The new rules come into effect in mid-December, Ottawa announced Monday.
Deputy Prime Minister and Finance Minister Chrystia Freeland said the changes will have “a real impact for thousands, even millions of Canadians.”
Are you a potential homebuyer in the GTA who will be impacted by these changes? Will these new mortgage rules make it easier or more affordable for you to own a home? We want to hear from you. Share your story by emailing us at torontonews@bellmedia.ca with your name, general location and phone number in case we want to follow up. Your comments may be used in a news story on CP24 or CTV News.
"That is going to have a real impact for thousands, even millions of Canadians," Freeland said.
With files from The Canadian Press
