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Massive Mortgage Changes
Huge Canadian Market Shift inbound

The future belongs to those who prepare for it today.
Hello!
We have thrilling news that could redefine your homeownership journey. The Canadian real estate landscape is undergoing significant transformations, and we're here to ensure you're at the forefront of these exciting developments.
In Today’s Newsletter
Groundbreaking Mortgage Reforms Effective December 15, 2024
Canadian Real Estate Market Update
GTA and Durham Region Market Insights
Key Market Trends and Real Estate News
🚀 Groundbreaking Mortgage Reforms Effective December 15, 2024
The federal government has introduced bold reforms to make homeownership more accessible:
1️⃣ Extended Amortization Periods:
Up to 30 years for first-time homebuyers and purchasers of new builds.
Applicable to owner-occupied properties or those occupied rent-free by family members.
2️⃣ Expanded Definition of First-Time Homebuyer:
Individuals who have never owned a home.
Those who haven't owned or occupied a home in the last 4 years.
Individuals who are recently separated or divorced.
3️⃣ Increased Property Value Limit for Insured Mortgages:
Maximum purchase price increased to $1.5 million, aligning with current market realities.
4️⃣ Revised Down Payment Requirements:
5% down payment on the first $500,000.
10% on the portion between $500,000 and $1.5 million.
These reforms are designed to unlock homeownership for more Canadians, making it an opportune time to explore the market.
🇨🇦 Canadian Real Estate Market Update
The Canadian real estate market is showing positive momentum:
Housing Starts: November saw an 8% increase in housing starts, surpassing expectations, driven by multi-unit projects in Quebec, Alberta, and British Columbia.
Investment Growth: Q2 2024 recorded a 67.4% surge in investment volumes quarter-over-quarter, reaching $14.5 billion—the highest since 2022.
💬 GTA and Durham Region Market Insights
Greater Toronto Area (GTA):
Home Sales: November marked the fourth consecutive month of increased home sales, with a 1.9% rise from October, totaling 6,450 units—a 40% increase compared to November 2023.
Average Home Price: The MLS® Home Price Index reached $1,094,100 in November, the highest since November 2023, indicating a 0.8% month-over-month increase.
Durham Region:
Average Home Price: In December, the average home price was approximately $944,309, reflecting a 4.5% increase from the previous month and a 9.7% rise from December 2023.
Sales-to-List Price Ratio: Homes sold at 99.6% of their listing price, indicating sustained buyer demand and competitive market conditions.
Months of Inventory (MOI): The region reported 3.2 months of inventory, suggesting a balanced market where supply and demand are relatively even.
🔑 Key Market Trends and Real Estate News
Interest Rate Environment:
| Housing Affordability:
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We hope you found today’s insights valuable! At RealEdge, we’re committed to keeping you informed and ahead in the Canadian real estate market.
Stay tuned for next week’s edition, where we’ll explore emerging investment opportunities and highlight top-performing neighbourhoods across Canada.
See you next week!
The RealEdge Team