SPECIAL FEATURE September 17, 2024 - Policy Update

The Mortgage Life

Effective December 15, 2024 there are some MAJOR changes to insured mortgages. One big change is that purchases of up to $1.5M can now be insured mortgages which means your down payment can be less than 20%. Another change is bringing back 30 year amortizations on insured mortgages. Buyers who are considered first-time home buyers or buyers of newly built homes can now get a mortgage with a 30 year amortization. Lastly, we discuss the latest inflation numbers with CPI coming in at 2.0% for August which means there could be some downward pressure on variable rates. Have a listen to see what we think!