Canada extends first-time home buyer maximum mortgage amortization from 25 to 30 years, starting August 1st.

Canada will extend the maximum mortgage amortization period for some first-time home buyers from 25 to 30 years, starting August 1st. This change aims to make monthly mortgage payments more manageable for younger Canadians and encourage new home supply. The proposal also includes increasing the withdrawal limit of the Home Buyers' Plan, allowing Canadians to take up to C$60,000 from their registered retirement savings plans for a down payment.

April 11, 2024
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