The Canada Mortgage and Housing Corporation (CMHC) mortgage loan insurance program is a government-backed initiative that allows homebuyers to purchase properties with less than a 20 per cent down payment.
Initially designed to help Canadians without significant savings enter the housing market, CMHC insurance has since become the single greatest catalyst of real estate demand in the federal government’s arsenal.
The recent announcement of expanded 30-year amortization and an increased insured mortgage cap in Ottawa has stirred considerable discussion in the real estate market. Set to take effect on December 15, 2024, these changes promise to reshape the landscape for potential homebuyers. Let’s examine the potential impacts of these new mortgage rules.
Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,102 in July 2022, an increase of 15%. July’s sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621.
Two recent Ottawa Citizen stories included comments from Dan Moloughney, Broker of Record and owner of Ottawa Urban Realty:
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