Melissa Bobinec RBC Financial Planner

Canada will allow 30-year amortization for first-time buyers’ mortgages. Finance Minister Chrystia Freeland said the government would allow the amortization period on insured mortgages for first-time homebuyers purchasing newly built homes. The measure will take effect on Aug. 1. The Canadian Home Builders’ Association has advocated for the longer period, saying five years more would help with affordability and speed up construction. The government also nearly doubled the amount first-time buyers can withdraw from RRSPs to buy a home to $60,000 from $35,000 as of April 16.

Canada to allow 30-year amortization for first-time buyers' mortgages on new homes The Canadian government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes.

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