How will the Minister of Finance and CMHC's changes affect the Canadian Housing Market

In this episode of Make Money Count, we break down the latest announcement from Canada’s Minister of Finance regarding significant changes to home-buying rules. We discuss the increase in the maximum insurable purchase price from $1 million to $1.5 million, which makes it easier to buy a home with less than 20% down. We also cover the introduction of 30-year amortizations for first-time buyers and newly built homes, which lowers monthly payments but increases the total interest paid. Lastly, we explore how these changes may impact future interest rate cuts and housing market activity. Timestamps 0:07 - Increase in the maximum allowable insurable purchase price to 1.5 million. 0:34 - Introduction of 30-year amortization for first-time homebuyers and newly built properties. 1:42 - Discussion on how these changes might affect the Bank of Canada's interest rate decisions. 2:22 - Long-term impact of these changes and prediction of future interest rate drops. ► Subscribe for new videos every week - http://www.youtube.com/@Cannect and hit the notification bell to stay updated on our weekly insights into financial markets, mortgages, and economic trends. 👍 Enjoyed the video? Hit the like button and comment with your thoughts and questions! Your feedback helps us tailor our content to your interests. Thank you for watching! Don't forget to subscribe for more in-depth discussions on finance, mortgages, and economic insights. Remember, at Make Money Count, we break down complex financial topics to help you make informed decisions. 📊 Connect with us: TikTok: https://www.tiktok.com/@cannect.ca Facebook: https://www.facebook.com/cannecthomefinancing Twitter: https://twitter.com/CannectLoans Instagram: https://www.instagram.com/cannect.ca/ LinkedIn: https://www.linkedin.com/company/cannect-home-financing Enjoy the Most Recent Videos of Cannect Big Changes Ahead for Canada: What You Must Know! https://youtu.be/-DqxUjkk_vc Bank of Canada Cuts Rates! More to Come? https://youtu.be/uAmIJtxljEU Mortgage Renewal Made Easy https://youtu.be/StS3FVEFXTM Is Your Financial Strategy Ready for the Next Market Shift? https://youtu.be/eut_g_3aDG8 New Mortgage Policy Changes | 4 Common Mortgage Mistakes You Should Avoid: https://youtu.be/LR4zsQXBoDs Will Rate Cuts Be Enough to Make Housing Affordable Again? https://youtu.be/fX9Pv-IdNK4 How to Choose the Best Mortgage Broker? https://youtu.be/6NkcbEkuiKI Rate Cuts Again? https://www.youtube.com/watch?v=ZL8mwmegDuM&t=19s Can Rate Cuts Fix Toronto's Housing Affordability? https://youtu.be/SIHUI5c5poA Bank of Canada Interest Rate Cuts: https://www.youtube.com/watch?v=thkOy5cGTfc #makemoneycount #podcast #mortgage #realestate #canadianmortgages #homeloan #investing #bankofcanada #morethanmortgages #homebuyer #homepurchase #bankofcanada #interestrates2024 #interestratecuts