Mortgage Rules Update: Effective December 15 – Insured Cap Raised to $1.5 Million & 30-Year Amortizations Now Available

Effective December 15, recent mortgage reforms are changing the landscape for Canadian homebuyers. Whether you’re just stepping into the market or looking to upgrade, these policy updates mean greater purchasing power, more flexibility, and easier entry into competitive housing markets like Calgary and Saskatoon.

Higher Insured Mortgage Cap: Now Up to $1.5 Million

What’s Changed?
The insured mortgage cap has increased from $1 million to $1.5 million. Buyers placing less than 20% down now have access to larger loan amounts, better aligning with today’s home prices.

Why It Matters:

• Boosted Buying Power: Secure financing for higher-value homes with less upfront cash.
• Competitive Markets: Cities like Calgary and Saskatoon are benefiting from this shift, enabling buyers to stay competitive and find homes that better suit their needs.

30-Year Amortizations for First-Time Buyers & New Builds

What’s Changed?
If you’re a first-time buyer or looking into a new build (including condos), you can now choose a 30-year amortization.

Why It Matters:

• Lower Monthly Payments: Stretching out the mortgage term reduces monthly costs, easing budget pressures.
• Greater Flexibility: Afford more home without overextending, making it simpler to enter the market or upgrade sooner.

What These Changes Mean for You

Afford More with Less Upfront:
A higher insured cap and extended amortization mean you can potentially secure a larger or more desirable property while keeping your initial down payment and monthly costs manageable.

Reduced Financial Strain:
Longer payment terms free up monthly cash flow, offering a financial safety net and room to invest in improvements, enjoy lifestyle perks, or build savings.

Enter the Market Sooner:
Eager to buy but still building your down payment fund? These reforms make it easier to jump in now rather than waiting until you’ve saved more.

Market-Specific Advantages:
For buyers in markets like Calgary, Saskatoon, and other growing regions, these changes align perfectly with increasing housing supply—making it prime time to secure a home that matches both your budget and aspirations.

Ready to Leverage the New Mortgage Landscape?

Our team is here to help you navigate these reforms and tailor a strategy that maximizes your buying power. With market insights, financial guidance, and personalized recommendations, we’ll ensure you get the most out of these new opportunities.

Let’s Connect
IG: @nasahctus
Email: hasan.sharif@exprealty.com

Schedule a Free Consultation to discover how these changes can elevate your homeownership journey.

Want More Details?
Check out the official government announcement here.