Although we are buried in snow here in the GTA, the reality is that the spring lending season is just around the corner, and thankfully so is spring :)
The late 2024 mortgage updates and lower interest rates will likely jump start a flat real estate market here in the GTA.
If you are keeping up, here are some of the changes: Mortgage insurance rules have been revised to better match today’s home prices. That means you might be able to buy a home with less than 20% down, where you previously could not.
Here’s the rundown:
- The insured mortgage cap has jumped from $1M to $1.5M.
- New builds for first-time buyers now offer a 30‑year amortization (instead of 25).
- Homeowners can switch lenders at renewal without facing a stress test.
- The Home Buyers’ Plan limit is now $60K, and the First Home Savings Account is here to help.
If you would like to discuss your personal situation and how some of these rules affect you, call me at 416-467-8627.
As a realtor, sometimes we use jargon that makes sense to us and not to the general public, and I find that sometimes people are reluctant to reach out because they feel like they should know the answer. Trust me, if you are wondering what something means, most others are too, so if you have a question, reach out, I'm always happy to help
And, If you know someone who you think could benefit from this info, please share this email!