Canada Mortgage Reforms Impact

This is a Canada news story, published by Global News, that relates primarily to Victor Tran news.

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mortgage changes

Global News

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Insured mortgage cap hike a ‘game changer’ for some homebuyers - National | Globalnews.ca

Summary

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Federal government announced changes aimed at making it easier for some Canadians to qualify for a mortgage.

Under the new rules, Canadians can get an insured mortgage on anything priced at $1.5 million or lower, up from the previous cap of $1 million .

Buyers will have an easier time saving for a home in some of Canada ’s most expensive markets, such as Toronto and Vancouver .

How much extra buying power will vary from household to household and market to market, experts warn.

For those with the buying power who can afford to put 20 per cent down, prices could even rise above the $1.5 million bar on some properties.

Victor Tran , Ratesdotca real estate and mortgage expert, tells Global News that while the new rules can be exciting for some buyers, the income levels needed to qualify for mortgages above a million dollars are still prohibitive.

Tran says the fundamentals of securing a mortgage haven’t really changed.

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