On December 15th, 2024 buying a pre-construction just got a bit more accessible!

Anyone looking to purchase a new construction home will now have two new options:

1. Access to a 30 Year Amortization

2. Put less than 20% Down Payment

These two changes will allow Canadians to free up some cash flow by having the option to extend their amortization to 30 years compared to the previous 25 years. It will also result in needing to put less down allowing you to enter the market quicker by having to save less money upfront for the down payment.

What is considered a pre-construction?

The home must not have been previously occupied, though newly constructed condos with interim occupancy will still qualify.

If a new build is something you are looking into purchasing, reach out today to get qualified!

Nicole Perri, Mortgage Agent Level 2

Email: nperri@dominionlending.ca

Phone: (289) 828-6425