Q&A: Ask us your questions about the new mortgage rules to help housing affordability
After years of slow home sales, Ottawa announced a change to the federal mortgage rules aimed to make buying a home more attainable for young Canadians.
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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