Monday, September 8, 2025

Liberals To Enable 30-Year Amortization Period On CMHC Insured Mortgages

Canada’s Liberal government has decided that the easiest way to make housing more affordable for Canadians is to extend permitted amortization periods.

Finance Minister Chrystia Freeland announced in Toronto today that the new changes, which are to take effect as of August 1, 2024, will enable first time homebuyers to take out insured mortgages with amortization periods of 30 years, provided the mortgage is on a newly built home.

Currently, insured mortgages are capped at a 25-year amortization period, regardless of whether it is an existing or newly built home.

READ: Canadian Rental Market Hits Record Low Vacancy Rates

At the same time, first time homebuyers will now be able to withdrawal up to $60,000 from their RRSP’s for the purchase of a home, a change which is expected to take effect on April 16. That cap was previously set at $35,000. Homebuyers that use this option to fund their home purchase will also have up to five years to begin repayments, an increase from the current two year requirement.


Information for this briefing was found via CTV News. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

Related News

China Reportedly Working On Measures To Support Troubled Property Market

China is reportedly working on a fresh package of measures to assist the property market...

Sunday, June 4, 2023, 07:23:00 AM

Federal Government Extends Foreclosure and Evictions Protections as Millions of Americans Struggle to Make Housing Payments

As the coronavirus pandemic continues to shatter the US economy, millions of Americans are finding...

Monday, June 22, 2020, 03:49:00 PM

US Existing Home Sales Fell 0.9% in May as Surging Prices Push Potential Homebuyers Out of Market

Sales of existing homes declined for the fourth consecutive month in May, as surging prices...

Friday, June 25, 2021, 04:27:00 PM

Canada’s Booming Housing Market Defies Pandemic, But All Bubbles Burst Eventually

Despite the industry-wide economic contractions that resulted from the pandemic and its lockdowns, Canada’s housing...

Wednesday, October 14, 2020, 03:59:00 PM

US Homebuilder Confidence Falls From Record High as Buyers Face Affordability Challenges

As home prices across the US continue to skyrocket to record-breaking levels amid a surge...

Friday, December 18, 2020, 10:45:59 AM