Wednesday, October 8, 2025

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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.

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