Effective December 15, 2024, the Government of Canada is increasing the cap on insured mortgages from $1 million to $1.5 million. This change allows buyers to secure a mortgage with a lower down payment: 5% on the first $500,000 and 10% on the remaining amount up to $1.5 million. For homes priced between $1 million and $1.5 million, this adjustment can reduce the minimum down payment by over $100,000, making homeownership more accessible.
If you're considering purchasing a home within this price range, this change could significantly impact your financing options. Feel free to reach out for more information or to discuss how this update affects your home-buying plans.
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November is Financial Literacy Month, and this year's theme is “Money on your mind? Talk about it!" Discussing finances can often feel awkward for many Canadians, but having open conversations about money is essential for boosting confidence and enhancing financial well-being.
Whether you're talking about budgeting, managing debt, or building credit, initiating these discussions can be a crucial step toward achieving stronger financial health. Don't hesitate—start the conversation today!
Financial Literacy Month, money conversations, budgeting, debt management, building credit, financial well-being, Matthew Gottfried.
