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- 👉 Big updates to mortgage rules
👉 Big updates to mortgage rules
Two major announcements that will affect both first-time homebuyers and homeowners renewing their mortgages.
Recap Team
September 30, 2024
Good afternoon!☀️ There were two major announcements in the past week that will affect both first-time homebuyers and homeowners renewing their mortgages.
Our latest blog breaks it all down for you in under 7 minutes.
⚡ Breaking Down the Latest Mortgage Rule Changes in Canada (2024)
The Canadian mortgage landscape has seen significant adjustments in 2024, with two major announcements that will affect both first-time homebuyers and homeowners renewing their mortgages. These changes aim to make homeownership more accessible and foster competition in the lending market.
The federal government has raised the insured mortgage cap from $1 million to $1.5 million, providing more flexibility for first-time homebuyers, especially in high-priced markets. Meanwhile, the Office of the Superintendent of Financial Institutions (OSFI) has eliminated the mortgage stress test for homeowners switching lenders during renewal, potentially lowering barriers for borrowers looking to save money on their mortgage.
In this blog, we’ll break down these updates and examine their potential impact on the Canadian housing market.