In Budget 2024, the federal government announced it would amend mortgage rules to allow up to 30 year mortgages for first-time homebuyers purchasing new builds. In Budget 2024, the federal government announced it would amend mortgage rules to allow up to 30 year mortgages for first-time homebuyers purchasing new builds. Starting August 1, 2024, the strengthened Canadian Mortgage Charter will help more Canadians unlock the door to their first home by allowing first-time buyers of newly built homes to have an additional five years to pay off their mortgage, resulting in lower monthly payments. This is about restoring generational fairness to the housing market for younger Canadians. Parameters To make it easier for younger Canadians to reach the dream of homeownership and to encourage new supply, while avoiding inducing housing demand, the government has carefully designed this measure to only apply to first-time buyers purchasing newly built homes. Borrowers that satisfy the following r...
