Canada Introduces 30-Year Mortgages for First-Time Homebuyers

As of August 1, 2024, Canada introduced new rules allowing 30-year mortgages for first-time homebuyers purchasing newly constructed homes.

Under the revised Canada Mortgage and Housing Corporation (CMHC) Home Start program, first-time buyers can now secure mortgage loan insurance with a 30-year amortization period. This policy adjustment aims to enhance homeownership accessibility by extending the repayment period, which consequently lowers monthly mortgage payments and reduces the financial strain on new homeowners.

By offering this additional flexibility, the government hopes to facilitate homeownership for more Canadians, creating greater opportunities in the housing market. This change is anticipated to help more individuals and families achieve their homeownership dreams, fostering a more inclusive and dynamic housing sector.