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Mortgage brokers are licensed intermediaries matching borrowers with lenders, while banks are direct lenders setting their own rates.Brokers provide access to multiple lenders, while banks limit options to their own mortgage products.

New mortgage rules in Canada take effect December 15, 2024, marking a significant policy shift. The price cap for insured mortgages increases from $1M to $1.5M, enhancing accessibility.

Calgary is in CMHC's "low-risk" group, with stable mortgage arrears expected in the near future. Mortgage arrears in Calgary remain near post-pandemic lows.

Canada’s mortgage qualification rules eased, with insured mortgage cap raised to $1.5M and 30-year amortizations available.Borrowers face a decision between three-year fixed or five-year variable rates, with a 0.9% differential currently.

Bank of Canada now prioritizes economic growth over strict inflation control as inflation stabilizes.Forecast includes two 25 bps cuts in 2024, with a possible larger 50 bps cut if growth slows further.

Analysts expect multiple interest rate cuts in Canada, with two more anticipated by year-end 2024. Further cuts in 2025 could lower the benchmark rate to 2.75%, benefiting variable mortgage rates.

The federal government is extending mortgage amortizations to 30 years, providing more flexibility for homebuyers nationwide.All homebuyers, regardless of their background or planned home design, will be eligible for the 30-year mortgage.

Analysts expect a 0.25% cut in both October and December meetings. The US Federal Reserve's recent jumbo rate cut may push the Bank of Canada to consider a larger 50-basis-point reduction.