30-year mortgage amortizations available for first-time homebuyers in Canada

The federal government is simplifying the process for first-time homebuyers by permitting 30-year amortizations for insured mortgages on new builds from August 1. This policy is designed to assist young Canadians in qualifying for mortgages and purchasing their first homes by reducing monthly payments. However, it may lead to higher interest payments over 30 years and could affect financial flexibility. The policy could stimulate new home construction and complements the Tax-Free First Home Savings Account, which helps Canadians save for down payments.