{"id":304665,"date":"2024-10-11T22:26:24","date_gmt":"2024-10-11T22:26:24","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=304665"},"modified":"2024-11-07T15:06:26","modified_gmt":"2024-11-07T15:06:26","slug":"10-listings-that-show-how-much-more-house-you-can-buy-with-the-new-mortgage-rules","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/buy\/new-mortgage-rules-listings\/","title":{"rendered":"10 Listings That Show How Much More House You Can Buy With the New Mortgage Rules"},"content":{"rendered":"\n[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width=”95%” max_width=”100%” 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Canada will soon allow insured mortgages on properties purchased for up to $1.5 million. These listings illustrate what a difference that makes across the country.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>[\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.18rem” custom_margin=”||5px|||” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]

By Josh Sherman<\/a>\u00a0<\/span>| 5 minute read<\/p>[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”||-1px|||” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” width=”100%” custom_padding=”1px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.20.2″ _dynamic_attributes=”src” _module_preset=”default” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.75rem” custom_margin=”-9px||2px||false|false” custom_padding=”||7px||false|true” custom_padding_tablet=”||7px||false|true” custom_padding_phone=”|15px|7px|15px|false|true” custom_padding_last_edited=”on|phone” hover_enabled=”0″ text_font_size_tablet=”1.13rem” text_font_size_phone=”0.9rem” text_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}” sticky_enabled=”0″]

Even without the recently announced increased cap to insured mortgages, first-time homebuyers can still purchase a detached home in some expensive Canadian markets \u2014 but it might be on the smaller side.<\/span><\/p>\n

 <\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]

First-time homebuyers are getting a boost to their purchasing power with <\/span>two new mortgage rules<\/span><\/a> the federal government is rolling out on Dec. 15.<\/span><\/p>\n


One change: allowing 30-year amortizations for all first-time homebuyers (and purchasers of pre-construction\/new-build homes), up from the previous limit of 25.

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Extending a mortgage over a longer period of time reduces the monthly payments \u2014 and the amount a homebuyer can afford up front. According to research from National Bank, this change has boosted the purchasing power for a typical buyer by anywhere from $22,000 to more than $50,000, depending on the province<\/a>. Meanwhile, analysis provided to Wahi by Perch Mortgages found a typical first-time buyer can expect to pay $250 less per month with a 30-year amortization, compared to 25 years.<\/p>\n

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