Government to allow 30-year amortization for first-time buyers’ mortgages on new homes. The Canadian government announced that it would allow first-time homebuyers to extend their mortgage amortization period to 30 years for insured mortgages on new homes, up from the current limit of 25 years. This change is part of the government’s efforts to make homeownership more accessible, especially for young Canadians struggling with high housing prices. The longer amortization period can lower monthly mortgage payments, making them more affordable for first-time buyers. However, it’s important to note that longer amortization periods can also mean paying more interest over the… Continue reading Announcements for First Time Home Buyers – 30 years amortization and RRSP Withdrawl limit Increase to $60k
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