Changes incoming for homebuyers in Canada 👇🏡

Starting December 15, insured mortgage are getting an update! Two key changes:

1️ - 30-year amortizations for all first-time buyers and those purchasing new builds (was 25 previously).

2 - Increased price cap for insured mortgages, rising from $1M to $1.5M to reflect current market realities

What these changes mean:

✔️ A longer amortization means improved mortgage qualifying and lower monthly payments—making homeownership more affordable.

✔️ More breathing room in budgets, helping Canadians qualify with smaller down payments.

These changes aim to make homeownership more attainable, especially for Millennials and Gen Z, while supporting new housing construction to address shortages.

An example of the amortization difference:

🔹 A $500,000 mortgage at 5% interest over 25 years = $2,908/month
🔹 A $500,000 mortgage at 5% interest over 30 years = $2,684/month

That $200+ / mo can help qualify for a mortgage (and with groceries, childcare, or savings).

This is part of ongoing efforts to address housing affordability while still ensuring responsible borrowing.

👋 If you want to know how this impacts you, drop your questions in the comments 👇 or send me a message! 📩

I’m here to help you navigate these exciting changes and make your homeownership dreams a reality. 💪

Leanne Funston
The Place To Mortgage - Mortgage Alliance

📧 [email protected]
☎️ 250-320-5514
🖥 www.leannefunston.ca

Book a FREE Mortgage Consult 👇
📅 https://calendly.com/leannefunston

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