Canada Allows 30-Year Mortgage for First-Time Buyers on New Homes

Ottawa extends amortization for insured mortgages to 30 years for first-time buyers of new homes, effective Aug. 1. Finance Minister Freeland cites the need for affordable housing. While praised by advocates, concerns raised about eligibility criteria and unaffordability in cities like Vancouver and Toronto. The move is part of a broader strategy including increasing RRSP withdrawal limit for homebuyers and changes to the Canadian Mortgage Charter to aid existing homeowners.