Ottawa to allow 30-year amortization for first-time buyers' mortgages on new homes

  • 📰 PGCitizen
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 51%

Property Property Headlines News

Property Property Latest News,Property Property Headlines

TORONTO — 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 Thursday, saying it will take effect Aug. 1.

Under the current rules, if a down payment is less than 20 per cent of the home price, the longest allowable amortization — the length of time a homeowner has to repay their mortgage — is 25 years. The government said the change reflects the reality that the size of a down payment and the amount of time needed to save up for one are much larger than they used to be.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 65. in PROPERTY

Property Property Latest News, Property Property Headlines