Canada Extends Mortgage Amortization for First-Time Buyers: New Opportunities Ahead
Posted by Kent Braaten on
Great news for potential homebuyers about a significant update from the Canadian government that could impact many first-time buyers. Finance Minister Chrystia Freeland recently announced a new policy set to take effect on August 1st, which extends the amortization period for insured mortgages from 25 to 30 years, but only for first-time homebuyers purchasing newly built homes. This change is designed to make monthly mortgage payments more affordable for young Canadians who are increasingly finding themselves priced out of the market due to high rents and home prices. While this policy specifically targets new construction, it's a positive development that highlights the government's recognition of the challenges facing first-time buyers.
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