To all Canadian Homeowners with a property valued at $1,500,000 or less or looking to purchase!! This week you are going to have access to even more mortgage products at a lower rate.
On December 15th, 2024, the Canadian government changed the game for anyone who is renewing or purchasing a property valued at $1,500,000 or less. Now let’s see how this is going to help you!
I am Renewing my mortgage after December 15th, 2024 and my property is worth $1,500,000 or less:
Before December 15th if you had a property worth more than $1,000,000 you would have had access to a smaller pool of mortgage products under the uninsured category. These products also came at a higher rate than insured products. So now you have access to more options and best rates!! This will save you thousands of dollars over the term of your mortgage.
I am Purchasing a property after December 15th, 2024 and the property is worth $1,500,000 or less:
Similarly to renewal clients, you will now have access to more mortgage products and better rates. That is already a HUGE win. The second great item that comes into play is downpayment. You will now be able to put less money down, freeing up savings for you use elsewhere.
| Before December 15th, 2024
|
After December 15th, 2024
|
|
| Purchase Price | $1,500,000 | $1,500,000 |
| Down Payment in a Percent (%) | 20% |
5% on the first $500,000 & 10% on the next $1,000,000 |
| Down Payment in Dollars ($) | $300,000 | $125,000 |
If you are looking to see if these changes help you, reach out and we can chat about your mortgage situation!
Nicole Perri, Mortgage Agent Level 2
Email: nperri@dominionlending.ca
Phone: (289) 828-6425