New Mortgage Insurance Reforms: Let’s Clear the Confusion

Starting December 15, 2024, Canada will implement significant changes to mortgage rules to enhance homebuying accessibility. The price limit for insured mortgages will rise from $1 million to $1.5 million, with down payment requirements set at 5% for the first $500,000 and 10% for the remainder. First-time buyers can access 30-year amortization for both new and resale homes, while non-first-time buyers will have a maximum of 25 years for resale homes. These reforms aim to provide more flexible payment options and broaden eligibility for insured mortgages.