Carlos Tovar

Canada's federal budget proposed raising the home price limit for optional mortgage default insurance from $1M to $1.5M, expanding eligibility for borrowers.
Eligible buyers with larger down payments could access 30-yr insured mortgages if a borrower is a first-time buyer or the home is newly built.
A 30-yr repayment period generally lowers monthly payments compared with 25 yr, but increases total interest costs if the interest rate remains unchanged.
New regulations would make insured mortgage rate information more current and detailed, helping borrowers compare offers; Canada's central bank would publish the data.
Canada plans to develop and test an income verification service for lenders and insurers, aiming to improve application processing and reduce mortgage fraud.

Canada Could Expand 30-Year Insured Mortgages

For a Canadian couple planning to retire at 65 with $3M invested and a paid-off home, professional planning remains a choice, not a requirement.
A planner can provide an outside perspective, identify portfolio blind spots and help build an asset mix suited to inflation and market downturns.
Professional guidance can also help Canadians consider estate options and prepare for potential long-term care costs, while a lawyer typically handles wills or trusts.
Planning fees may be hourly, retainer-based or tied to assets. A hypothetical ~1% annual fee on a $3M portfolio equals ~$30K yearly.
Canadians comfortable managing their portfolios can continue independently, explore professionally managed portfolios or speak with several professionals before deciding what support they need.