Taking Stock with Steele
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Taking Stock with Steele is our newsletter where we share our insights and expertise. Our goal is to ensure our clients are well informed. We shift through the noise and only bring important topics of discussion and planning points that are relevant and useful. We believe Knowledge Pays and we want our knowledge to pay for you.
At the start of the fall parliamentary session, the Liberal government announced changes to mortgage rules to spur purchases of new builds and make it easier for first-time home buyers to get on the property ladder...The biggest change was increasing the cap for insured mortgages to $1.5 million from $1.0 million, making it easier for more Canadians to qualify for an insured mortgage with less than a 20% down payment...The other major change to mortgage rules is expanding eligibility for 30-year mortgage amortizations for all first-time homebuyers and all buyers of new builds who require a high ratio mortgage.