New Mortgage Rules Make Homeownership More Affordable for Canadians

Wyatt Tunnicliffe • September 17, 2024

As of August 1, 2024, the federal government introduced changes to support homebuyers, particularly Millennials and Gen Z. First-time homebuyers purchasing new builds can now access 30-year insured mortgage amortizations, reducing monthly payments and making it easier to afford a home.


Additionally, as of December 15, 2024, several major reforms will take effect:

  • The price cap for insured mortgages will rise from $1 million to $1.5 million, helping more Canadians qualify for mortgages with less than 20% down.
  • 30-year amortizations will be available to all first-time homebuyers and buyers of new builds, including condominiums. This expansion will incentivize new housing supply, addressing the country’s housing shortage and making homeownership more accessible.


These reforms are part of a broader housing strategy that includes the Canadian Mortgage Charter, which enables insured mortgage holders to switch lenders without undergoing a new stress test at renewal. This promotes competition among lenders, ensuring more Canadians can access better mortgage deals.


In addition to these housing measures, the government has introduced the Renters' Bill of Rights and the Home Buyers' Bill of Rights to protect Canadians from unfair practices, ensure transparency in leases and sales, and simplify homebuying procedures. With $5 billion available through the Canada Housing Infrastructure Fund, the federal government is working with provinces and territories to make housing fairer and more accessible for all Canadians.


Stay tuned for further updates, and if you’re planning to buy a home or need more information, book a call with me to learn how these new rules can benefit you!


Wyatt Tunnicliffe

Mortgage Broker

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Employment and Mortgage Qualification: What Lenders Look For

By Wyatt Tunnicliffe • November 4, 2026
When you apply for a mortgage, your employment history and status carry a lot of weight. Even if you feel secure in your job, lenders need proof that your income is reliable and will continue. To them, your employment status is one of the strongest indicators of whether you can make your mortgage payments long term. Here’s how lenders typically view different employment situations: Permanent Employment This is the gold standard. Once you’ve passed any probationary period and hold permanent status, lenders see you as a lower risk. It shows that your employer is committed to you, and your income is steady. Probationary Periods If you’re still on probation—usually 3 to 6 months, though sometimes longer—lenders may hesitate. That’s because your employer can end your contract without cause during this period. Once probation is over, you’re considered more secure. That said, context matters. If you’ve worked with the same company for years as a contractor and just transitioned into full-time employment, lenders may accept a letter from your employer confirming that probation is waived. Documentation is key here. Parental Leave Being on or about to take parental leave doesn’t mean you can’t qualify for a mortgage. As long as you have a letter from your employer guaranteeing your position and return-to-work date, lenders can use your regular salary—not your leave income—when assessing your application. Term Contracts This is one of the trickiest categories. Even highly skilled professionals with strong incomes can face challenges here. A term contract has a start and end date, which makes lenders question the stability of your future income. To use term-contract income, lenders generally want to see at least two years of history, or proof that your contract has already been renewed. The more evidence you can show of consistent employment, the stronger your case will be. The Bottom Line If you’re planning to apply for a mortgage, it’s important to understand how your employment status could affect your approval. Whether you’re starting a new job, coming back from leave, or working under contract, lenders want documentation that proves your income is reliable. 📞 If you’ve recently changed jobs or are planning a career shift, let’s connect. I can help you prepare your file so you qualify with confidence and avoid surprises in the approval process.

Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Wyatt Tunnicliffe • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.