First-time homebuyers can get 30-year mortgages to buy newly built houses under rule change
Ottawa will allow first-time homebuyers to take out 30-year mortgages for newly built homes, relaxing rules as the federal government faces political pressure to ease the country’s housing crunch.
The longer amortization period, or amount of time allowed to pay down a mortgage, has been advocated by the real estate industry as a way to make mortgage payments more affordable as home prices have soared.
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