1. The $1.5 Million "Game Changer"

Historically, if you wanted to buy a home over $1 million, you were required to put down a minimum of 20%. In cities like Toronto or Vancouver, this meant needing $200,000+ in cash just to get started.

1. The Change: The price cap for insured mortgages (those with less than 20% down) has been raised from $1 million to $1.5 million.
2. The Opportunity: You can now purchase a home for $1.2M or $1.4M with a much smaller down payment. Instead of needing $240,000 for a $1.2M home, you may now qualify with roughly $95,000. This effectively lowers the "barrier to entry" by over $140,000 in upfront cash.

2. 30-Year Amortizations for All First-Time Buyers

Previously, most insured buyers were capped at a 25-year mortgage.

1. The Change: As of December 15, 2024, all first-time homebuyers are eligible for a 30-year amortization period on insured mortgages. (This also applies to anyone—not just FTBs—purchasing a newly built home).
2. The Opportunity: Spreading your payments over 30 years instead of 25 lowers your monthly mortgage bill.

Example: On a $700,000 mortgage at 4.5%, a 30-year term could save you roughly $300 per month compared to a 25-year term. This extra "breathing room" helps with qualifying for a loan and managing your monthly cost of living.

3. The Power of the FHSA (First Home Savings Account)

While not "brand new" this year, the FHSA has hit its stride in 2025/2026 as more buyers reach their maximum contribution limits.

1. The Perk: It is a "Super-Account." You get a tax deduction on the money you put in (like an RRSP), but the money comes out tax-free (like a TFSA) when you buy your home.
2. The Strategy: You can contribute up to $8,000 per year (up to a $40,000 lifetime limit). If you haven't opened one yet, doing so now "starts the clock" on your contribution room.

4. No Stress Test for "Straight" Switches

For those who eventually buy and reach their first renewal, there is another win. The OSFI has removed the requirement to undergo a new "stress test" when switching lenders at the end of your term, provided your loan amount and amortization remain the same. This means more competition for your business and potentially lower rates when you renew.