🚨 New Rules, New Features! -October 2024🚨
The Canadian Government announced that effective December 15, 2024, two mortgage reforms will take effect.
- Increased insured cap to $1.5M
The price cap for insured mortgages will be increased from $1 million to $1.5 million to help more Canadians qualify for a mortgage with a down payment below 20 percent. - 30-year insured mortgages
Eligibility of 30-year mortgage amortizations to all first-time homebuyers and buyers of new builds.
- Increased insured cap to $1.5M
As a result, we have added a mechanism to enable the new rules and calculate the impact of these reforms when they become a reality.
Enable new rules in the Purchase Calculator
In the Purchase Calculator, tap the new menu bar and “Enable December 15, 2024 Rules “
To calculate the premiums, we are assuming that all insurers will follow CMHC’s standard premiums with the additional surcharge of 0.20% for 30-year amortization as introduced on August 1, 2024
Calculate the Minimum Down Payment
The new button will calculate the minimum required down payment for the purchase price you entered.
With the new button, you can now calculate the minimum required down payment based on the purchase price you enter. If you have enabled the new Dec 15, 2024 rules, you can see the minimum down payment for 30-year insured mortgages for first-time home buyers.
This feature is only available in the Purchase Calculator. Since the guidelines for minimum down payment have not yet been modified, we assume that it will follow the standard slide scale of 5% of the first $500,000 and 10% for the balance up to $1,500,000.
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