The dream of homeownership is becoming more achievable, thanks to recent federal government reforms aimed at making mortgages more affordable. At Alliston at Home, we are dedicated to helping our purchasers attain their dream homes and are excited to share how these changes will benefit first-time buyers.
Starting August 1, 2024, first-time homebuyers purchasing new builds can now opt for a 30-year insured mortgage amortization, which spreads out payments and reduces monthly costs. This is a game-changer for younger buyers, including Millennials and Gen Z, who are often priced out of the market due to high monthly mortgage payments.
Beginning December 15, 2024, these benefits will extend even further:
30-year amortizations will be available to all first-time buyers and anyone purchasing new builds. This opens more doors for those looking for affordable mortgage solutions while investing in a brand-new home.
The government is raising the insured mortgage price cap from $1 million to $1.5 million, making it easier for buyers to qualify with a smaller down payment—particularly important in today’s high-priced housing market.
These changes are designed to help more Canadians, like our purchasers, buy new homes with confidence. In addition, the Canadian Mortgage Charter allows insured mortgage holders to switch lenders at renewal without requalifying under a new stress test, which means more options and better deals down the line.
With these reforms in place, now is the perfect time to explore purchasing a new build. Reduced monthly mortgage payments, higher eligibility limits, and more competitive mortgage options all make it easier to buy your first home with us.
Reach out to us today to learn more about how we can help you take advantage of these exciting new opportunities and get you into the home you’ve always wanted.