Canadians, especially Millennials and Gen Z, struggle with high mortgage costs, affecting homeownership. The federal government is introducing reforms to improve housing accessibility. Starting December 15, 2024, the price cap for insured mortgages will rise from $1 million to $1.5 million, reducing downpayment costs. First-time buyers can also access 30-year amortizations, lowering monthly payments. These changes are part of a plan to build 4 million new homes and improve affordability. More details will come in the 2024 Fall Economic Statement.
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