30 Year Mortgages for First-Time Buyers

In Budget 2024, the federal government will allow up to 30 year mortgages for first-time homebuyers of new builds starting August 1, 2024. This change aims to help younger Canadians enter the housing market by lowering monthly payments. Eligibility criteria include being a first-time homebuyer and purchasing a newly constructed home. The measure will apply to high-ratio mortgages on owner-occupied properties, with lenders expected to offer these mortgages to eligible buyers from August 1.