The federal government’s recent decision to raise the cap on insured mortgages from $1 million to $1.5 million and expand access to 30-year amortizations is poised to make a significant impact on first-time homebuyers. Effective December 15, 2024, these changes aim to give more Canadians the ability to purchase homes that may have previously been out of reach—particularly in today’s high-priced housing markets.
But what do these new rules mean for first-time buyers, and how much will they impact your buying power?
