TORONTO — The federal government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes.
Finance Minister Chrystia Freeland made the announcement in Toronto on Thursday, saying it will take effect Aug. 1.
Under the current rules, if a down payment is less than 20 per cent of the home price, the longest allowable amortization — the length of time a homeowner has to repay their mortgage — is 25 years. The government said the change reflects the reality that the size of a down payment and the amount of time needed to save up for one are much larger than they used to be.
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