1) Longer Mortgage Amortization for First Time Buyers
As of December 15, 2024, insured first-time home buyers (that is, buyers with down payments of less than 20%) will be able to amortize their mortgage payments over 30 years (instead of 25 years). By spreading repayment over a longer period of time, borrowers benefit from lower monthly payments and may be able to borrow more than they could previously.
For example, a first-time buyer might buy a property for $800,000 with a 10% downpayment. At a 4-year fixed interest rate of 4.09%, the mortgage payment would decrease by $362 monthly, from $3,822 to $3,460, when amortized over 30 years instead of 25.
If you aren’t a first-time buyer, you can still amortize your payments over 30 years IF you have a downpayment that’s 20% or more of the purchase price.
2) Help for Buyers in the $1-1.5 Million Range
In Canada, homebuyers with down payments of less than 20% must get mortgage insurance (for example, through CMHC). In the past, the only properties eligible for the mandatory insurance were those priced under $1 million – which seriously restricted the properties that could be purchased in Toronto. If you didn’t have a $200,000 downpayment, you had to buy a home under $1 million.
As of December 15th, 2024, would-be homeowners can qualify for mortgage insurance for properties up to $1.5 million. While this will give buyers with less than a 20% downpayment more homes to choose from, it doesn’t come free.
3)Help for Buyers of Newly-Built Homes
Effective December 15th, all buyers of newly built homes will qualify to stretch their mortgage payments over 30 years instead of 25. While this will help buyers of pre-construction condos and houses, the real goal is to help the struggling pre-construction industry and encourage builders to keep building much-needed homes.
Kimmé Myles
Matching her knowledge of Toronto’s eclectic mix of central core neighbourhoods and impassioned by her diverse mix of buyers and sellers, Kimmé is naturally motivated to create a positive and professional experience. Kimmé does her homework and knows her inventory. She is genuine, honest and a straight shooter. Nor is she afraid to think “outside the box” as she employs creative strategies to make dreams become reality.
Born and raised in Toronto and coming from a successful fashion background in design and management, Kimmé could not have met a better match for her entrepreneurial skills than by working in Real Estate. Inspired by her father, well known Toronto clothier to the stars, “Lou Myles”, she learned from a very young age to work hard and strive for excellence.
Licensed since 2005 as a full time Sales Representative and a Broker since 2016, she continues to be proud to be affiliated with the Toronto office of Sotheby’s International Realty Canada and to be part of the highly respected world renowned global luxury brokerage, Sotheby’s International Realty.
Kimmé has received numerous sales awards throughout her career including the prestigious Gairdner, Diamond and President’s Awards. She has completed extensive negotiation training and is among a select group of realtors in Canada to hold the Master Certified Negotiation Expert (MCNE) Designation and the Certified Negotiation Expert (CNE) Designation. In addition, she is a member of the prestigious U.S. based Institute of Luxury Home Marketing and also carries the Luxe – Luxury Listing Specialist Designation. She holds the SRS Designation – Seller Representation Specialist and the SRES Designation –Senior Real Estate Specialist – both accredited programs through NAR – The National Association of Realtors, USA.
Entrusted with the life choices of her clients, Kimmé is truly honoured to have the opportunity to serve and assist others and does so with integrity, commitment and enthusiasm.
