New mortgage rules coming into effect on December 15, 2024! These changes are designed to make homeownership more accessible and flexible, especially for first time buyers. For homeowners considering putting their home on the market, these updates could mean an influx of potential buyers with greater purchasing power in the $1-1.5 million dollar range.

One of the most significant changes is the increase in the price cap for insured mortgages from $1 million to $1.5 million. This means that instead of needing 20% down on the value of a home over a $1 million dollar, that 20% down is only needed on the value of a home over $1.5M. This opens up more options for buyers who were previously restricted by the old limit, particularly in high-demand markets like Kelowna. Homes that fall into this price range could see a surge in interest, as more buyers are now eligible to explore them.

Additionally, first-time homebuyers will now have the option for 30-year mortgage amortizations, allowing them to spread out their payments over a longer period, reducing monthly costs and making homeownership more attainable. This expanded amortization option will also be available to all buyers of new builds, further fuelling demand in Kelowna’s growing housing market.

For those looking to sell, these changes present a unique opportunity to attract motivated buyers who are eager to take advantage of the new mortgage rules. With higher price caps and longer mortgage terms, the market could see increased activity in both existing homes and new builds.

Whether you're looking to sell your home or find the perfect property in Kelowna, staying ahead of these regulatory changes is key. These updates should bring more options into reach for those searching for a home, creating a favourable environment for both sellers and buyers. Explore how these new rules can work in your favour by connecting with your expert team of real estate consultants, and we can help get you in touch with the right mortgage broker to suit your needs.