CMHC Insured Mortgage Cap Increase to $1.5M: Key Changes for Homebuyers
The Canadian federal government has recently announced significant changes to the country’s mortgage system. These changes, referred to as the “boldest reforms in decades”, include increasing the Canada Mortgage and Housing Corporation (CMHC) insured mortgage cap from $1 million to $1.5 million. This move, in particular, benefits homebuyers in high-priced markets like South Surrey, where many homes surpass the previous limit.
Moreover, first-time homebuyers can now benefit from expanded access to 30-year amortizations. The government now allows all first-time buyers to use this option, which was previously limited to newly built homes. As a result, homebuyers can stretch their mortgage payments over 30 years, which reduces monthly payments and makes owning a home more affordable.
For buyers in South Surrey, these changes bring new opportunities. Since real estate prices are high in this area, properties that once seemed out of reach can now become a possibility. In fact, with the higher CMHC insured mortgage cap and reduced monthly payments, many buyers will find it easier to qualify for mortgages and reduce upfront costs.
The government aims to address the growing concerns about housing affordability and accessibility with these reforms. By increasing the CMHC insured mortgage cap and offering expanded 30-year amortization options, more Canadians will have the chance to become homeowners.
If you want to take advantage of the CMHC insured mortgage cap increase and the new amortization options in the South Surrey real estate market, contact Jared Gibbons. He can guide you through these new mortgage opportunities and help you find your ideal home.
Contact Jared Gibbons today for more information and to explore your real estate options!