In December 2024, the federal government eased mortgage lending rules to improve housing accessibility. Changes include increasing the maximum price cap for insured mortgages to $1.5 million and extending loan terms for first-time buyers to 30 years. This may help some buyers leave the rental market but could inflate housing prices, particularly in Toronto and Vancouver. Existing homeowners may benefit, while new borrowers might face financial strain. Without new housing construction, prices are expected to rise in 2025.
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