{"id":3664,"date":"2024-09-25T19:09:16","date_gmt":"2024-09-25T19:09:16","guid":{"rendered":"https:\/\/www.chrisbrownrealestate.ca\/blog\/?p=3664"},"modified":"2024-09-25T22:48:50","modified_gmt":"2024-09-25T22:48:50","slug":"new-mortgage-rules-will-significantly-lower-down-payments-on-properties-costing-1-million-or-more","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/new-mortgage-rules-will-significantly-lower-down-payments-on-properties-costing-1-million-or-more\/","title":{"rendered":"New mortgage rules will significantly lower down payments on properties costing $1-million or more"},"content":{"rendered":"<div><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2024\/09\/image0-copy.jpeg\" alt=\"\" width=\"994\" height=\"664\" \/><\/div>\n<div><\/div>\n<div>Big mortgage changes coming in December for Canadian home buyers, particularly first time home buyers and those renewing a mortgage.<\/div>\n<div><\/div>\n<div>Here are the key points of Canada\u2019s new mortgage rules for loans up to $1.5 million, effective from December 2024:<\/div>\n<div><\/div>\n<div>1. **Higher Insured Mortgage Cap**: The insured mortgage cap has been raised from $1 million to $1.5 million, allowing buyers in expensive markets more flexibility in accessing government-backed mortgage insurance.<\/div>\n<div><\/div>\n<div>2. **Lower Down Payment Requirements**: For homes priced up to $1.5 million, buyers can now pay as little as 5% on the first $500,000 and 10% on the remaining balance, significantly lowering the initial costs compared to the previous 20% down payment rule.<\/div>\n<div><\/div>\n<div>3. **30-Year Amortization Option**: First-time homebuyers can now choose a 30-year amortization, which reduces monthly payments but increases the overall interest paid over the life of the loan.<\/div>\n<div><\/div>\n<div>4. **Stress Test Exemption at Renewal**: Buyers switching lenders at mortgage renewal will no longer need to pass the mortgage stress test, making it easier to shop for better interest rates.<\/div>\n<div><\/div>\n<div>5. **First-Time Buyer Focus**: These changes primarily benefit first-time buyers, especially in high-cost markets like Toronto and Vancouver, making homeownership more accessible.<\/div>\n<div><\/div>\n<div>Wondering how these changes could impact a potential home purchase? Thinking about selling a property that will likely be listed under $1.5m? Let\u2019s chat.<\/div>\n<div><\/div>\n<div>*source: Canadian Mortgage Trends<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Big mortgage changes coming in December for Canadian home buyers, particularly first time home buyers. This could significantly increase the demand of homes up to $1.5m across the country.<\/p>\n","protected":false},"author":2,"featured_media":3665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[12,127],"tags":[],"class_list":["post-3664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice-for-buyers","category-buy-with-chris-2"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3664"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=3664"}],"version-history":[{"count":3,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3664\/revisions"}],"predecessor-version":[{"id":3668,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3664\/revisions\/3668"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/3665"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=3664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=3664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=3664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}