The Canadian government has announced new mortgage policies that will take effect on December 15, 2024. These changes are designed to help first-time homebuyers and current mortgage holders: For Insured Mortgages (less than 20% down payment): The maximum purchase price will increase from $1 million to $1.5 million. The maximum amortization period extended from 25 years to 30 years for …
Last update Dec 12, 2022 Update: Bill 23 was passed by the Ontario legislature on November 28. More Homes, Built Faster Act was passed by the Ontario legislature on November 28 and was done fairly quickly. This is the Ontario government’s plan to build 1.5M homes in the next 10 years. Many local municipalities are against this provincial act. One …
Last updated on March 28, 2023 The Parliament of Canada passed legislation – the Prohibition on the Purchase of Residential Property by Non-Canadians Act on June 23, 2022. This law prevents non-Canadians from buying residential property in Canada for 2 years starting on January 1, 2023. The Prohibition on the Purchase of Residential Property by Non-Canadians Act applies to direct …
