How will Canada’s new mortgage rules affect your plans to buy a home? We answer your questions
On Sept. 23, reporters Rachelle Younglai and Erica Alini answered readers’ questions about the impact of Canada’s new mortgage rules on housing supply, inflation, the rental market and young buyers who are entering the real estate market.
Starting on Dec. 15, the price cap for insured mortgages will be $1.5-million, up from $1-million. First-time homebuyers will be allowed to take out an insured mortgage with a 30-year amortization for all types of homes. And more buyers will be allowed to take out an insured mortgage with a 30-year amortization on a preconstruction home. Not all investors are eligible.
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