Reports from major Canadian banks and mortgage brokers

Canada Raises Insured Mortgage Cap to C$1.5 Million, Allows 30-Year Amortizations

Sep 16, 2024, 02:59 PM

Canada has announced significant changes to its mortgage rules, aimed at making homeownership more accessible. The cap on insured mortgages will be raised to C$1.5 million from the current C$1 million, starting December 15. Additionally, 30-year mortgage amortizations will now be available to all first-time homebuyers and buyers of newly built homes. These measures are part of Prime Minister Justin Trudeau's efforts to address the housing crisis and regain support from younger voters. Finance Minister Chrystia Freeland stated that these are the boldest mortgage reforms in decades. Ottawa's new policies are expected to have a substantial impact on the housing market.