The New 30-Year Amortization: What First-Time Homebuyers Need to Know

Introduction:

Big news for Canadians entering the housing market: as of December 2024, first-time homebuyers can now access 30-year amortizations on insured mortgages. This policy change is designed to improve affordability by spreading payments out over a longer period, giving new buyers more breathing room in their monthly budgets.

What Does This Mean?

Traditionally, insured mortgages in Canada were capped at 25 years. The new 30-year option allows buyers to:

• Lower monthly payments and improve cash flow.

• Qualify for slightly larger mortgages, since payments are stretched out.

• Enter the market sooner, without waiting years to save more.

Key Considerations

While longer amortizations ease monthly payments, they also mean more interest paid over the life of the mortgage. It’s important to balance short-term affordability with long-term costs. This is where professional advice can make a difference.

How BeOne Can Help

At BeOne Financial Group, we work with first-time buyers across Canada to explain new rules, compare options, and find the right fit for both your budget and your future goals. Whether it’s your first condo or your dream home, our team ensures you make an informed decision.

📞 Ready to talk about your first home purchase? Contact us today and let’s walk through your options together.

To Conclude

The new 30-year amortization is a major step toward improving housing affordability for first-time buyers in Canada. While it offers welcome relief on monthly payments, it’s important to carefully weigh the long-term costs and how this choice fits into your overall financial plan.

At BeOne Financial Group, our goal is to make sure you feel confident in every decision—whether it’s your mortgage, insurance, or investments. If you’re considering your first home, now is the perfect time to explore your options and see how these new rules could work for you.