Mortgage changes in Canada - How do they effect you?

April 11, 2024 | Buying

Breaking: mortgage changes in Canada

On April 11th, 2024, Minister Freeland announced new mortgage changes in Canada :

Enhancements to the Homebuyers’ Plan:

The new mortgage changes in Canada include: The withdrawal limit for the Homebuyers’ Plan has been raised from $35,000 to $60,000, effective April 16th, 2024.

An extension of the repayment grace period by three years for withdrawals made between January 1st, 2022, and December 31st, 2025. Individuals in this category will now enjoy a five-year period before repayment begins.

30-Year Amortization for First-Time Buyers of New Builds:

Starting August 1st, 2024, first-time homebuyers will have the option of 30-year amortizations for insured mortgages on new constructions, including condominiums and townhouses.

Modifications to the Mortgage Charter:

Mortgage lenders are required to initiate contact with homeowners about renewals two years prior to the actual date.

Homeowners facing financial difficulties can now convert their amortization schedules to permanent relief options without incurring fees or penalties, such as extending a 35-year amortization permanently.

To make the most of these new opportunities and navigate these mortgage changes in Canada and the evolving landscape of home financing, call us today. Our experts are ready to provide you with personalized advice and support to help you find the perfect home and financing option that meets your needs.

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