This year has brought significant changes to the housing market. Rising inflation, the increasing cost of living, and higher interest rates have made homeownership feel out of reach for many. While these challenges are real, they don’t mean your dream of owning a home is impossible. With careful planning and the right support, you can take that step confidently.
On December 15th, major changes could make it easier for first-time buyers to buy a home. New rules will allow smaller down payments on homes up to $1.5M and longer amortization periods to lower monthly payments. Here’s what you need to know.
Key changes coming December 15th:
1. New construction with less than 20% down:
Buyers of owner-occupied new construction can access a 30-year amortization, even with less than 20% down.
2. First-Time Homebuyers (FTBs) on resale properties:
FTBs can secure a 30-year amortization on owner-occupied properties if they buy resale homes even with less than 20% down.
3. Updated down payment rules for homes over $1M:
The down payment structure for properties priced up to $1.5M is changing. Buyers can now put 5% down on the first $500,000 and 10% on the remaining balance, allowing lower payments on homes that previously required 20% down.
Dias shares advice on taking advantage of these changes and practical next steps for buyers.
1. Embrace the evolving market with knowledge
Dias, a REALTOR® with a decade of experience, says, “My role is to help you stay ahead in a constantly evolving market. Staying informed about trends, interest rates, and housing inventory is essential for smart, timely decisions.” He explains that developing a deeper understanding of how recent changes can benefit you takes time, and this is normal.
2. Create a roadmap, not just a wish list
“I tell my clients, ‘Buying a home is a process, not a race. When we follow the process, the right home always appears at the perfect moment.’”
Dias sits down with his clients to create a plan that goes beyond finding a house, whether you’re a first-time buyer or a seasoned homeowner. Together you’ll define your goals—including location, budget, and financing—and develop a strategy to ensure you’re moving forward with purpose, even when things feel unpredictable.
3. Partner with experts who care
“I’m not just here to show you houses—I’m here to be your trusted guide. Together, we’ll tap into my network of mortgage professionals, inspectors, and other experts who have your best interests at heart. With their knowledge and experience, we can navigate any challenges, ensuring you are positioned for success with confidence and clarity.”
4. Unlock the power of smart financing
Understanding your financing options is crucial. Dias says, “Your finance options will give you confidence when looking at homes in different neighbourhoods.”
Recent changes in financing rules may open doors that were once closed.
“You want to understand your options in this market and what you can do now versus a few months down the road.” Understanding your options and their opportunities lets you weigh the pros and cons to ensure your decisions align with your family’s needs.
“Sometimes making a move now isn’t in the clients’ best interests. Understanding their financing options allows them to better align with their goals. A trusted mortgage agent will help you understand how these new opportunities can maximize your buying power, so you don’t miss out.”
5. Act confidently and don’t rush
Dias says, “When buying a home, it’s easy to feel pressured to act fast. It’s important to remember not to make a hasty decision. Let’s evaluate each opportunity carefully. For a property you’re seriously considering, we look at current market data and AVM reports to help in your decision making.”
“I’m here to ensure you’re not just buying a property, but securing a home that fits your future. Together, we’ll move forward confidently, ready to make the right choice at the right time.”
For advice on selling your home or making your next purchase, visit The Dias Group or call 905-716-5026. Follow them on Facebook.