Exciting News for Homebuyers: New OSFI Mortgage Rules Starting December 15, 2024!
The Office of the Superintendent of Financial Institutions (OSFI) is rolling out new rules for insured mortgages that could make homeownership more accessible for many buyers. Here’s a quick breakdown of what’s coming:
✅ CMHC Insured purchases Up to $1.5 Million
For homes priced up to $500,000, you can put down as little as 5%.
For homes priced between $500,000 and $1.5 million, you’ll need 5% on the first $500,000 and 10% on the remainder up to $1.5 million.
💡 Example: If you're buying a home for $800,000, your minimum down payment would be:
$25,000 (5% of $500,000)
$30,000 (10% of the remaining $300,000)
That’s a total minimum down payment of $55,000.
✅ Extended Amortization to 30 Years
Right now, insured mortgages are limited to a 25-year amortization period. But with the new rules, you can now extend that up to 30 years, helping reduce your monthly payments. This flexibility could make a big difference in making your home more affordable!
Note: We don’t know yet if there will be an additional CMHC premium for choosing a 30-year amortization, but we'll keep you updated.
🚨 Important to Know
We can’t submit applications for these changes just yet, and not all lenders have confirmed they’ll adopt these new rules or when we can submit applications under the new rules. What this means is if you have a possession date of December 15th, most likely we will not be able to apply the new rules exactly on that date...
First National has already announced they will conform to the new rules. I’m confident other lenders will follow suit soon!
If you’re thinking of buying or want to know how these changes could impact your mortgage options, now’s the time to plan ahead.
Reach out to get expert guidance on your home financing strategy!
Gordy Sundar
Mortgage Broker | Mortgageline
M: +1-403-585-0921
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