🚨 Massive Changes to Down Payments & Mortgages Coming Dec. 15! 🚨

For years, if you wanted to buy a home priced over $1 million, you needed to bring a flat 20% down payment—no exceptions. But the rules are changing, and here’s what’s happening:

💰 Before Dec. 15:

Any home over $1 million = 20% down payment required.

Insured mortgages (less than 20% down) capped at $1 million.

💰 After Dec. 15:

Insured mortgages now apply to homes priced up to $1.5 million.

The dramatic difference? Homes priced between $1 million and $1.5 million now qualify for much smaller down payments, creating a huge shift for buyers in that range.

And that’s not all… the government is also introducing 30-year amortizations (instead of 25) for insured mortgages.

What does this mean for buyers?

Lower monthly payments (around 11% less).

Ability to borrow up to 11% more (yay, more debt!).

If your home has a basement suite, you can now borrow up to $2 million (maximum debt = unlocked).

What’s the bigger picture?
These changes will likely push prices up across all price points, adding more demand to an already overheated market. This is the opposite of what the government promised when they said they’d make homes more affordable.

It feels like a move to boost short-term buyer access (and maybe save political face) but might make housing even less affordable long-term.

What do you think? Is this good policy or just political desperation? Drop your thoughts below! 🏠💬

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