Federal Government Changes are Great News for Homebuyers

On Wednesday September 16th, the Canadian government introduced new mortgage rules designed to make homeownership more accessible for first-time buyers and those purchasing new builds. Here’s what you need to know:

• Longer Mortgages: First-time buyers and people buying new homes can now get mortgages for 30 years instead of the usual 25. This means smaller monthly payments and more options to choose from.
• Higher Limits: The amount you can borrow for a mortgage is going up. This means more people can buy bigger or more expensive homes.
• Switching Lenders: It's now simpler to switch your mortgage to a different bank when it's time for a new term. This could mean better deals and lower interest rates.

These changes are great for people who are just starting out or looking to buy a new home. It's making the dream of homeownership a reality for more Canadians.

Ready to take the next step? Connect with Husmates now by emailing us at info@husmates.com. We can help you understand these changes, speak with a knowledgable co-ownership focused mortgage specialist, and get closer to becoming a co-owner.