TOP REAL ESTATE AND MORTGAGE

NEWS OF 2024

1. Stress Test Updates for Mortgage Switches

Canada’s banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), has made key changes to stress test requirements:

• Uninsured Mortgage Switches: The stress test requirement for uninsured mortgage switches has been removed. However, this decision has led to confusion in the industry, with lenders taking varied approaches. For example, BMO has reinstated the stress test temporarily while exploring alternative methods.
• Insurable Mortgage Switches: The Fall Economic Statement confirmed the removal of the stress test for insurable mortgage switches, bringing clarity and alignment with OSFI’s updated guidelines.

2. New Mortgage Rules Now in Effect

December saw the implementation of two major changes aimed at improving housing accessibility:

• Increased Insured Mortgage Cap: The cap for insured mortgages has been raised to $1.5 million, allowing for more flexibility in higher-priced markets.
• 30-Year Amortizations for First-Time Buyers: First-time homebuyers can now access 30-year amortizations, reducing monthly payments and making homeownership more attainable.

3. Federal Support for Secondary Suites

Two new federal programs have been introduced to help homeowners create secondary suites. These initiatives provide loans and grants to encourage the development of additional housing units, addressing affordability challenges and increasing the housing supply.

4. Foreign Buyer Ban Extended

The federal government has extended the ban on foreign buyers until 2027. This move aims to curb foreign investment in residential real estate, keeping more homes available for Canadians and contributing to housing affordability.

What This Means for You

These changes represent significant shifts in Canada’s housing and mortgage landscape. Whether you’re a first-time buyer, looking to renew or switch your mortgage, or exploring options for secondary suites, these updates could impact your decisions.

Feel free to reach out if you’d like to discuss how these changes could affect your homeownership goals!

Featured Property:

7 STEWART CRES ESSA, ONTARIO L0L2N0

5 Key Features of a Rare Gem in Thornton Estates

1. Expansive Living Space: Custom-built home with 6,312 sq. ft., designed for multi-generational living and featuring luxurious finishes, meticulous craftsmanship, and stunning architectural details.
2. Elegant Interior Highlights: Includes an open staircase, oversized windows & doors, a gourmet kitchen with quartz island, specialty drawers, high-end appliances, and elegant lighting. The primary bedroom boasts a walk-in closet and a 5-piece ensuite.
3. Premium Outdoor Features: Professionally finished walk-out basement with separate entrance, multiple balconies, triple car garage, clay roof, and 2021 heated saltwater pool with a patio.
4. Enhanced Comfort Systems: Equipped with 2021 AC and ductless AC units, 2022 water softener, and UV air purifier for added comfort and convenience.
5. Private Backyard Oasis: Fully fenced backyard perfect for entertaining, combining luxury and privacy in an exclusive community.

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LOWEST MORTGAGE RATES:

VARIABLE: 5 YR HIGH RATIO P‐.95%

5 YR CONVENTIONAL P‐0.70%

FIXED 1 YR: 5.34%

FIXED 2 YRS: 5.19%

FIXED 3 YRS: 4.29%

FIXED 4 YRS: 4.49%

FIXED 5 YRS: 4.19% (High Ratio)

FIXED 5 YRS: 4.44% (Conventional)

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