Changes to Canadian mortgage rules will soon allow potential homebuyers to purchase homes priced between $1 million and $1.5 million without needing a 20% downpayment. Previously, mortgage insurance was required for downpayments under 20% only for homes priced at $1 million or less. Additionally, all first-time homebuyers can now access 30-year mortgage amortizations. These changes, effective mid-December, aim to ease access to the housing market for many Canadians, according to the Deputy Prime Minister.
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