Ottawa to Expand 30-Year Amortizations, Raise Insured Mortgage Cap

📢 GREAT NEWS! 📢

🏠 First time home buyers will be allowed to increase their maximum amortization to 30 years, up from 25 years.

This is huge news from an affordability point of view as your monthly mortgage payment will now decrease.

⬆️ Another exciting announcement is that the cap for insured mortgages has increased from $1 million to $1.5 million. 🙌🏻

This means you can purchase for up to $1.5 million with less than 20% down.

These changes take effect on December 15th. More details to follow.

If you have any questions, please reach out to us!

Keith Baker | kpbaker@shaw.ca | 604.723.5363

Jackie Zerbe | jacqueline@totalmortgage.ca | 604.724.6982

🤔 Do you think these changes are good?

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