On December 15, 2024, the federal government will implement mortgage rule changes aimed at easing home purchases for insured mortgage borrowers. These changes are expected to boost Canadian home sales and prices in 2025, although their effectiveness may be limited by affordability issues. Key changes include extending the maximum amortization period for first-time buyers from 25 to 30 years and raising the insured mortgage cap from $1 million to $1.5 million. While these measures may stimulate the market, they could also lead to increased financial stress for borrowers.
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