Globe readers, tell us how the new mortgage rules are affecting your plans to buy a home

Under the new mortgage rules, which take effect Dec. 15, the price cap for insured mortgages will be $1.5-million, up from $1-million.

Sammy Kogan/The Globe and Mail For many Canadians, buying a home has always been a distant pipe dream, thanks to skyrocketing prices that have kept them priced out of the market. To help first-time homebuyers get their foot in the door of the real estate market, the federal government proposed measures that can help reduce the threshold to purchase their first home. Now, Canadians will be able to get mortgage insurance for pricier homes and first-time buyers will be able to stretch out their payments longer.



The changes, which take effect Dec. 15, represent the first significant relaxation of the country’s mortgage rules after more than a decade of increasingly tougher requirements. Under the new rules, the price cap for insured mortgages will be $1.

5-million, up from $1-million. This change will be critical for buyers in high-profile markets such as Southern Ontario and Vancouver, who are looking to purchase with less than a 20 per cent down payment. First-time homebuyers will be allowed to take out an insured mortgage with a 30-year amortization for all types of homes.

And all buyers, including investors, will be allowed to take out an insured mortgage with a 30-year amortization on a preconstruction home. The Globe wants to know how you feel about the new mortgage rules. Are you a first-time homebuyer who has been waiting to get into the market? Will the longer amortization period finally allow you to buy a home? Share your thoughts.

Fill out the form below or send an email to [email protected] . Are you a first-time home buyer who has been waiting for an opportunity to get into the market? Do the federal government's new proposed mortgage rules affect your decision? Will the longer amortization period finally allow you to buy a home? The Globe wants to know how the new rules affect your ability to afford housing.

Share your thoughts with us in the form below, or email us at [email protected]. The information from this form will only be used for journalisticpurposes, though not all responses will necessarily be published.

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