The Canadian government will implement new mortgage rule changes on December 15, 2024, aimed at aiding first-time buyers and those purchasing new homes. Key changes include raising the insured mortgage price cap from $1 million to $1.5 million and allowing 30-year amortizations for eligible buyers. While these changes may improve access to homeownership, concerns exist that they could inflate home prices amid a housing supply shortage. Experts warn that increased borrowing power without addressing supply issues may exacerbate affordability challenges.
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