The federal government recently introduced some relief for first-time homebuyers. As of August 1, 2024, they introduced a rule allowing first-time buyers of new construction homes to stretch their mortgage amortization to 30 years, instead of the previous 25 years. The change was designed to make monthly payments more affordable in the current market.
Now, there's even more to look forward to! Starting on December 15, 2024, this 30-year mortgage option will be available to all first-time homebuyers as well as buyers of new builds, including condos. This expansion opens up more opportunities, whether you're purchasing a newly built home or entering the market for the first time.
What does this mean for you? More time to pay off your mortgage means lower monthly payments and extra financial flexibility. It's a significant step towards making homeownership more achievable for many Canadians.
Wondering if you qualify? Since eligibility can vary, it's a good idea to talk to a mortgage specialist to see how these changes might work for you.
Stay tuned for more updates, and connect with one of our Sales Consultants today to explore how you can take advantage of this opportunity!
For more details and to check eligibility requirements, read the full government announcement here.
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