Canada Introduces 30-Year Mortgages for First-Time Homebuyers

On August 1, 2024, Canada implemented new regulations enabling first-time homebuyers acquiring newly constructed homes to obtain 30-year mortgages.

Through the adjusted Canada Mortgage and Housing Corporation (CMHC) Home Start program, first-time purchasers are now eligible for mortgage loan insurance with a 30-year amortization period. This modification in policy is designed to improve accessibility to homeownership by elongating the repayment duration, thereby reducing monthly mortgage payments and alleviating the financial burden on new homeowners.

By providing this added flexibility, the government aims to simplify homeownership for more Canadians, leading to increased opportunities in the housing market. It is anticipated that this revision will assist a greater number of individuals and families in realizing their homeownership aspirations, fostering a more inclusive and dynamic housing sector.