Insured mortgage cap hike a game changer for some homebuyers – National [Video]

A barrier to entry in some of Canada’s most expensive housing markets just got lower thanks to new changes impacting the country’s mortgage landscape.

The ability to put less money down on an insured mortgage for a home worth more than $1 million will be a “game changer” for some buyers, real estate experts tell Global News.

But how much extra buying power Canadians get from a higher insured mortgage cap and wider availability of 30-year amortizations will vary from household to household and market to market, they warn.

The federal government’s previously announced changes aimed at making it easier for some Canadians to qualify for a mortgage will take effect on Sunday.

One such change will see all Canadians who are considered first-time homebuyers, as well as those buying new builds, able to take out an insured mortgage with an amortization period of 30 years, up from the typical 25 years.

Doing …