Urgent - You Could Save Mortgage Interest, But The Window Is Closing Fast
  
Urgent!
Fixed-Rate Mortgage Holders: Request a penalty quote from your lender TODAY.
Many high-rate mortgages have surprisingly low penalties right now if your mortgage is with a Bank. Don't miss out on potential savings! Even if your prepayment penalty seems high, you may still save money by breaking the mortgage and locking in at today's (much) lower rates. We can put together a comprehensive analysis for you to calculate if you will save money by breaking your mortgage early. It all comes down to the math! Sometimes, it makes financial sense to stick with the higher rate until the end of your mortgage term, but sometimes it doesn't.
When you call your bank, find out what "discount" you were given!
Bank Contact Information:
TD: 1-866-694-4392
Scotia: 1-800-472-6842
BMO: 1-877-225-5266
RBC/HSBC: 1-800-769-2511
CIBC: 1-800-465-2422
National Bank: 1-888-835-6281
New Mortgage Rules Make Homeownership More Affordable for Canadians
As of August 1, 2024, the federal government introduced changes to support homebuyers, particularly Millennials and Gen Z. First-time homebuyers purchasing new builds can now access 30-year insured mortgage amortizations, reducing monthly payments and making it easier to afford a home.
Additionally, as of December 15, 2024, several major reforms will take effect:
The price cap for insured mortgages will rise from $1 million to $1.5 million, helping more Canadians qualify for mortgages with less than 20% down. 30-year amortizations will be available to all first-time homebuyers and buyers of new builds, including condominiums. This expansion will incentivize new housing supply, addressing the country’s housing shortage and making homeownership more accessible.
These reforms are part of a broader housing strategy that includes the Canadian Mortgage Charter, which enables insured mortgage holders to switch lenders without undergoing a new stress test at renewal. This promotes competition among lenders, ensuring more Canadians can access better mortgage deals.
In addition to these housing measures, the government has introduced the Renters’ Bill of Rights and the Home Buyers’ Bill of Rights to protect Canadians from unfair practices, ensure transparency in leases and sales, and simplify homebuying procedures. With $5 billion available through the Canada Housing Infrastructure Fund, the federal government is working with provinces and territories to make housing fairer and more accessible for all Canadians.
Stay tuned for further updates, and if you’re planning to buy a home or need more information, book a call with me to learn how these new rules can benefit you!
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