In response to rising real estate prices, the Government of Canada made key updates to its First-Time Home Buyer programs in 2024. These changes make it easier for new buyers to enter the market by offering more flexibility and higher purchasing power through insured mortgages.
- insured purchase limit increased from $1,000,000 to $1,500,000.
- amortization extended from 25 years to 30 years.
These enhancements allow first-time buyers to qualify for higher-value homes with more manageable monthly payments.