New mortgage changes make it easier to afford unaffordable homes. Canadians will no longer need to come up with a 20% down payment to get a mortgage on a home worth more than $1 million, as the government moves to raise the cap on insured mortgages in an effort to boost construction and impress young voters. First-time homebuyers will also be eligible for mortgages spanning 30 years, up from a maximum of 25 years, which can slightly increase affordability in the short term. But according to Clay Jarvis, a NerdWallet real estate expert, homebuyers should aim to put more than the minimum amount down to help lower interest costs and boost equity in their homes. “Instead of putting down $200,000, a person might theoretically only have to put down $75,000,” he said. “That provides some real affordability, but a buyer’s mortgage amount would skyrocket, along with their mortgage payments and risk."