Home Buying Changes in Canada: How New Rules Impact You

Episode 108 of the Make Money Count podcast, hosted by Cannect Inc., titled "Home Buying Changes in Canada: How New Rules Impact You" was published on September 17, 2024 and runs 8 minutes.

September 17, 2024 ·8m · Make Money Count

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Summary

In this episode of Make Money Count, we break down the latest announcement from Canada’s Minister of Finance about significant changes in home-buying rules. We discuss: The increase of the maximum insurable purchase price from $1 million to $1.5 million, making it easier to buy a home with less than 20% down. The introduction of 30-year amortizations for first-time buyers and newly built homes, lowering monthly payments but increasing total interest paid. How these changes may impact future interest rate cuts and housing market activity.

Episode Description

In this episode of Make Money Count, we break down the latest announcement from Canada’s Minister of Finance about significant changes in home-buying rules. We discuss:

The increase of the maximum insurable purchase price from $1 million to $1.5 million, making it easier to buy a home with less than 20% down.
The introduction of 30-year amortizations for first-time buyers and newly built homes, lowering monthly payments but increasing total interest paid.
How these changes may impact future interest rate cuts and housing market activity.

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