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Here's what experts predict will happen to Canada's housing market next year

High housing costs and mortgage interest rates have dampened many Canadians' dreams of owning a home someday, but things are slowly changing.The Bank of Canada (BoC) has been dramatically reducing its key interest rate for the past year, and more cuts are expected soon. In addition, the government has introduced a few measures to make home affordability a little more realistic.The most recent of these measures took effect last Sunday when Ottawa raised the price cap for insured mortgages from $1 million to $1.5 million. This cap had not been adjusted since 2012. The move aims to help more Canadians qualify for a mortgage with a downpayment below 20 per cent.Another step introduced the same day is expanded eligibility for 30-year amortization for first-time homebuyers and Canadians purchasing new builds. Last month, Canada also ended the requirement of stress tests on insured mortgaged switches.So, what's in store for 2025?"Borrowers can't exhale just yet; 2025 looks to be another wi...

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