Insured mortgage, 30yr amortization? Saw what?!

Yes, you heard that right! On September 16th, 2024, the Canadian Department of Finance announced as of August 1st, 2024 First Time Home Buyers will have the option to utilize a 30 year amortization, increasing the allowable amortization from 25 years to 30 years. As well as any buyer will have the opportunity to utilize a 30yr amortization on a new build. This change is happening in hopes of helping more Canadians realize the dream of homeownership, especially the younger generation.

Deputy Minister of Finance, Chrystia Freeland, also announced an increased cap limit on insured mortgage from 1 million - 1.5 million, taking effect on December 15th, 2025. These changes are all in conjunction with helping make mortgages more affordable for Canadians.

The government states these new and updated policies will build upon the Canadian Mortgage Charter, first introduced in 2023 as a guideline and the assistance expected of banks heling borrowers who are facing financial stress with their mortgage.