Canada to Allow 30-year Amortization for First-Time Buyers’ Mortgages on New Homes

An employee works on a modular home component in Calgary on April 5, 2024. The Canadian Press/Jeff McIntosh

The federal government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes.

Finance Minister Chrystia Freeland made the announcement in Toronto on April 11, saying it will take effect Aug. 1.