Department of Finance Canada announced that lenders could begin offering 30-year amortizations for insured mortgages to eligible first-time buyers purchasing new builds.
The federal government said the Tax-Free First Home Savings Account allows eligible Canadians to contribute up to $8,000 per year and up to $40,000 over a lifetime toward a first down payment.
$15 billion in additional loans for the Apartment Construction Loan Program to build a minimum of 30,000 new rental apartments, in big cities, small towns, and rural communities alike.
June 11, 2024: Budget 2024: Building 4 million homes, protecting renters, and making it easier to buy a home.
Budget 2024 announced insured mortgages with amortizations of up to 30 years for first-time homebuyers purchasing new builds.
For buyers and owners, mortgage rules, tax relief, and eligibility conditions can change down-payment pressure or carrying costs.