New Mortgage Rules: A Game-Changer for Canadian Homebuyers

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As 2024 comes to a close, the federal government has introduced sweeping mortgage reforms designed to make homeownership more accessible. These changes, set to take effect on December 15, 2024, are especially beneficial for first-time buyers and those looking to build new homes. If you’ve been dreaming of owning or building your perfect home, these updates could make that dream a reality.

What’s New?

Higher Insured Mortgage Limit

The insured mortgage cap has been raised from $1 million to $1.5 million. This change reflects the realities of Canada’s housing market and allows more buyers to qualify for mortgages with less than a 20% down payment. Whether you’re purchasing a resale home or planning a custom build, this increased limit could help you take the next step sooner.

30-Year Amortizations for New Builds

Previously limited to select first-time buyers, 30-year amortizations are now available for anyone purchasing new builds. By lowering monthly mortgage payments, this change makes building or buying a new home more affordable. The government’s goal is to encourage new construction and address Canada’s housing supply challenges, giving buyers more options to achieve homeownership.

Why These Changes Matter

If you’re considering building a custom home, these reforms offer a unique opportunity to invest in a property that perfectly suits your lifestyle. Lower monthly payments and higher borrowing limits make it easier to build a high-quality home on your terms.

Build Your Dream Home with Uncovered Oasis Development

At Uncovered Oasis Development, we specialize in creating custom, high-quality homes on Southern Vancouver Island. From selecting the perfect lot to crafting every detail of your build, our team is committed to turning your vision into reality. With these new mortgage rules, there has never been a better time to invest in a custom home.

Ready to Build in 2025?

The new mortgage rules aren’t just about financing—they’re about unlocking opportunities. Whether you’re a first-time buyer or planning to upgrade to a custom-built home, these changes are designed to help you achieve your goals.

Contact us today to learn how Uncovered Oasis Development can guide you through the process of building your dream home. Let’s bring your vision to life on Vancouver Island.