Changes are coming to mortgage rules. Will they help you afford a new home?

New mortgage rules effective August 1 allow first-time homebuyers 30 years to pay off insured mortgages for newly built homes, but experts believe this change won't significantly impact the housing market. While it may lower monthly payments slightly, high interest rates and down payment challenges persist. The government aims to address the housing crisis with various measures, including increasing RRSP withdrawal limits and plans to build millions of homes by 2031. However, concerns remain about the effectiveness of these policies in high-cost markets.