Extended 30-year Amortization for First-Time Buyers in Canada



Canada's Finance Minister announces extended 30-year amortization for first-time buyers, making home ownership more affordable for young Canadians.

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The recent announcement by Canada's Finance Minister to extend the amortization period on insured mortgages for certain homebuyers has been met with both praise and calls for further action. The move to allow 30-year amortization periods for first-time homebuyerspurchasing newly built homes is seen as a positive step towards making home ownership more affordable for young Canadians. Advocates believe that by extending the amortization period, monthly mortgage payments will become more manageable, especially for those looking to purchase their first home.


Extended 30-year Amortization for First-Time Buyers in Canada

However, there are concerns about the effectiveness of the change, particularly in high-priced housing markets like Vancouver and Toronto. Many properties in these areas are priced at over $1 million, making it difficult for buyers to qualify for insured mortgages. While the increase in the amount first-time homebuyers can withdraw from their RRSPs to buy a home is a welcome change, there are calls for the policy to be expanded to all Canadians, regardless of whether they are purchasing a new build or a pre-existing home.

The government's decision to raise the amount first-time homebuyers can withdraw from their RRSPs to $60,000 and to extend the repayment period reflects the challenges faced by Canadians in saving for a down payment. The changes are meant to work in conjunction with the First Home Savings Account, which allows prospective homebuyers to save for up to 15 years with an annual deposit cap and lifetime contribution limit.

In addition to these changes, Ottawa also announced updates to the Canadian Mortgage Charter, which will include provisions for financial institutions to offer permanent amortization relief to eligible homeowners. This will allow homeowners to reduce their monthly mortgage payments to a more affordable level for as long as needed.

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While the extension of the amortization period is a positive step towards making home ownership more accessible, advocates believe that more needs to be done to ensure that all Canadians have the opportunity to own a home. By expanding the policy to include all Canadians and addressing the challenges faced by buyers in high-priced markets, the government can help level the playing field for first-time homebuyers across the country.

Extended 30-year Amortization for First-Time Buyers in Canada

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