Canada Mortgage and Real Estate Market Update 

The federal government, announced new changes to make mortgages more affordable and homeownership easier. These reforms will take effect in December 2024. Here are the key changes:

- **Insured mortgage cap:** The maximum amount for insured mortgages will increase from $1 million to $1.5 million as of December 15, 2024. This will help more Canadians buy a home with a down payment below 20%.

- **30-year amortization:** Starting December 15, 2024, all first-time homebuyers and buyers of new builds, including condos, will be eligible for 30-year mortgages. This will lower monthly payments and encourage more housing construction.

#realestate #condo #montrealrealestate #condoforsale