Leah Zlatkin quoted in Global News: ‘Does Budget 2024 make it easier to buy a first home in Canada?’

https://globalnews.ca/news/10430202/budget-2024-buying-a-home-affordability/

Leah Zlatkin, a mortgage broker and expert with lowestrates.ca, said in a release Tuesday that these changes might have a limited impact in the housing market because they only apply to insured mortgages and new builds.

Insured mortgages typically only apply when a homebuyer puts less than 20 per cent of a home’s purchase price down upfront and when the property is valued at less than $1 million.

Developers often require down payments of 20 per cent on newly-built units, Zlatkin notes, which can box out insured mortgage options from the outset. New homes bought in Canada’s most expensive housing markets of Toronto and Vancouver, meanwhile, often come with price tags above $1 million, ruling out insured mortgage options there as well.