Government of Canada Releases New Mortgage Rules
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Government of Canada Released New Mortgage Rules
The Canadian government raised the insured mortgage cap to $1.5 million from $1 million, starting on December 15, 2024. This change is aimed at aligning with the current housing market conditions and enabling more Canadians to qualify for a mortgage with a down payment of less than 20 percent. By increasing the insured mortgage cap, which has remained unchanged since 2012, to $1.5 million, more Canadians will be able to purchase a home.
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