New Mortgage Rules Make Homeownership More Affordable for Canadians

Lee Welbanks • September 17, 2024

If you're eyeing homeownership, there’s great news with the 2024 mortgage updates! As of August 1, first-time buyers of new builds can take advantage of a 30-year insured mortgage amortization, reducing monthly payments. And starting December 15, additional reforms are set to make purchasing homes more affordable:


  1. Higher Price Cap: The insured mortgage cap will rise from $1 million to $1.5 million, allowing more Canadians to qualify with lower down payments.
  2. Extended Amortizations: 30-year mortgage terms will now be available to all first-time buyers and buyers of new builds, including condos.


Down Payment Breakdown

The tiered down payment system requires:

  • 5% down on the first $500K
  • 10% down on the portion between $500K and $1.5M

Example: On a $700,000 home:

  • 5% of $500,000 = $25,000
  • 10% of $200,000 = $20,000 Total down payment = $45,000


These changes aim to reduce homebuyer stress, promote affordability, and stimulate housing supply, addressing Canada’s housing shortage.


Canadian Mortgage Charter

Another key update is the introduction of the Canadian Mortgage Charter. This allows insured mortgage holders to switch lenders without reapplying for a new stress test at renewal, fostering competition and ensuring borrowers can access better rates.


Renters' and Home Buyers' Bill of Rights

The government has also rolled out the Renters' Bill of Rights and Home Buyers' Bill of Rights to enforce fair housing practices, improve transparency, and protect Canadians from unfair treatment.



For more details on how these changes benefit you, book a call with us today! Let’s explore how you can take advantage of these new opportunities.

Lee Welbanks

Bank of Canada Holds Rate at 2.25% — September 2, 2026

By Lee Welbanks • September 2, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. While Canada's economic recovery is broadening, a new layer of uncertainty has entered the picture. Here is what happened and what it means for your mortgage.

What You Need to Know About Mortgages and Parental Leave

By Lee Welbanks • August 26, 2026
If the title of this article caught your attention, chances are your family is growing. Congratulations. If you’re thinking now is the right time to move into a home that better fits your growing family—but you’re unsure how parental leave affects your ability to qualify for a mortgage—you’re in the right place. Here’s the good news. Qualifying for a mortgage while on parental leave is possible when it’s done correctly. When you work with an independent mortgage professional, lenders can often qualify you based on your return-to-work income , as long as you can provide documentation confirming you have guaranteed employment waiting for you. A word of caution If you walk into a bank branch and disclose that you’re currently on parental leave, there’s a chance the bank will only allow you to qualify using your parental leave income. That can significantly reduce your borrowing power. Parental leave income is typically limited to 55% of your previous earnings, up to a weekly maximum. Qualifying on that amount alone can restrict your options and impact the type of home you can purchase. Why lender choice matters One of the biggest advantages of working with an independent mortgage professional is choice . You’re not limited to one lender’s rules or products. Some lenders will allow you to qualify using 100% of your confirmed return-to-work income , which can make a meaningful difference in your approval amount and overall options. What you’ll need to qualify Most lenders will require an employment letter that includes: Employer name (preferably on company letterhead) Your job title Original start date (to confirm probation has been completed) Confirmed return-to-work date Guaranteed salary upon return Lenders want reassurance that your income will resume once parental leave ends. You may also be asked to provide income history from the past couple of years, which is standard for most mortgage applications. One important note Whether or not you actually return to work after parental leave is entirely your decision. From a mortgage perspective, qualification is based on having a confirmed position available to you at the time of approval. If you have questions about qualifying for a mortgage while on parental leave—or anything mortgage-related—please connect anytime. I’d be happy to walk you through your options and help you plan with confidence.