Skip to Main content

7.95°^C Vancouver

News Entertainment Videos Shows Podcast Contact Us

Apr 11, 2024 4:00 PM - The Canadian Press

Canada to allow 30-year amortization for first-time buyers' mortgages on new homes

Share On

canada-to-allow-30-year-amortization-for-first-time-buyers-mortgages-on-new-homes

Finance Minister Chrystia Freeland made the announcement in Toronto today, saying it would take effect Aug. 1.(Photo: The Canadian Press)

The Canadian government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes.

Finance Minister Chrystia Freeland made the announcement in Toronto today, saying it would take effect Aug. 1.

The Canadian Home Builders' Association has advocated for longer amortization periods, saying five more years would help with affordability and spur more construction.

Freeland also said the government will nearly double to $60,000 the amount first-time homebuyers can withdraw from RRSPs to buy a home.

That's up from $35,000, to take effect April 16, the day the federal budget is set to be released.

People who make such withdrawals between Jan. 1, 2022, and Dec. 31, 2025, are also getting more time to begin repayment up to five years in total rather than two.

Latest news

ndp-to-table-motion-seeking-federal-ban-on-surveillance-pricing

CanadaApr 13, 2026

NDP to table motion seeking federal ban on “surveillance pricing”

The federal NDP is expected to introduce a motion Wednesday calling on the government to ban a practice it describes as “surveillance pricing,” arguing it unfairly targets consumers using personal data. According to the text of the motion, the practice involves companies using information such as a customer’s search history or the amount of time spent on a webpage to adjust prices, both online and in physical stores. The party says this can result in different consumers being charged different prices for the same product. NDP Leader Avi Lewis said the approach could disproportionately af

school-closed-after-early-morning-fire-at-abbotsford-learning-centre-police-investigating-arson

School closed after early morning fire at Abbotsford learning centre, police investigating arson

Abbotsford police say an early morning fire at a local school is being investigated as an arson, according to a police news release. Patrol officers responded at about 3:49 a.m. to a report of a fire at the Bakerview Centre for Learning on the 32600 block of Marshall Road. When officers arrived, Abbotsford Fire and Rescue Service crews were already on scene and extinguishing what police described as a small fire. Police said the blaze caused damage to both the exterior and interior of the building. No injuries were reported. According to the Abbotsford Police Department, the investigation rema

surrey-police-investigate-early-morning-shooting-at-surrey-central-residence

CanadaApr 13, 2026

Surrey police investigate early morning shooting at Surrey Central residence

Police in Surrey are investigating a shooting that damaged a home in the Surrey Central area early Monday morning. According to a Surrey Police Service news release, officers responded at حوالي 2:50 a.m. to reports of gunfire near 95 Avenue and 127 Street. When officers arrived, they located a residence with visible damage consistent with gunshots. Police said no injuries were reported among the occupants of the home. The Surrey Police Service Major Crime Section is leading the investigation, with support from Integrated Forensic Identification Services, according to the release. Investig

carney-signals-shift-on-u-s-ties-defence-spending-in-montreal-speech

CanadaApr 13, 2026

Carney signals shift on U.S. ties, defence spending in Montreal speech

Prime Minister Mark Carney delivered a closing address at the Liberal Party’s national convention in Montreal on Saturday, outlining a tougher position on Canada–U.S. relations and a planned shift in defence spending. According to remarks made during the convention, Carney said Canada would move away from past defence procurement patterns in which a significant portion of spending flowed to the United States. He told party members that future investments would be directed more toward domestic capacity. The statement drew a standing ovation from attendees. Carney’s comments come as Canada

AlbertaApr 13, 2026

Proposed Blue Line LRT extension to Calgary airport enters field study phase

The City of Calgary says preliminary field work is set to begin this month as part of planning for a potential northward extension of the Blue Line LRT toward the airport. According to a city notice, crews will conduct on-site investigations along the proposed corridor to 88th Avenue N.E., including assessments of ground conditions, groundwater levels and site-specific details needed for early-stage design. The work is part of the city’s long-term transit planning and would inform future decisions by council on whether to advance the project, including funding, design and timelines. The airp

Related News

NDP to table motion seeking federal ban on “surveillance pricing”

NDP to table motion seeking federal ban on “surveillance pricing”

The federal NDP is expected to introduce a motion Wednesday calling on the government to ban a practice it describes as “surveillance pricing,” arguing it unfairly targets consumers using personal data. According to the text of the motion, the practice involves companies using information such as a customer’s search history or the amount of time spent on a webpage to adjust prices, both online and in physical stores. The party says this can result in different consumers being charged different prices for the same product. NDP Leader Avi Lewis said the approach could disproportionately af

Surrey police investigate early morning shooting at Surrey Central residence

Surrey police investigate early morning shooting at Surrey Central residence

Police in Surrey are investigating a shooting that damaged a home in the Surrey Central area early Monday morning. According to a Surrey Police Service news release, officers responded at حوالي 2:50 a.m. to reports of gunfire near 95 Avenue and 127 Street. When officers arrived, they located a residence with visible damage consistent with gunshots. Police said no injuries were reported among the occupants of the home. The Surrey Police Service Major Crime Section is leading the investigation, with support from Integrated Forensic Identification Services, according to the release. Investig

Carney signals shift on U.S. ties, defence spending in Montreal speech

Carney signals shift on U.S. ties, defence spending in Montreal speech

Prime Minister Mark Carney delivered a closing address at the Liberal Party’s national convention in Montreal on Saturday, outlining a tougher position on Canada–U.S. relations and a planned shift in defence spending. According to remarks made during the convention, Carney said Canada would move away from past defence procurement patterns in which a significant portion of spending flowed to the United States. He told party members that future investments would be directed more toward domestic capacity. The statement drew a standing ovation from attendees. Carney’s comments come as Canada

Legals

Journalism code of ethics

© 2021 AKASH Broadcasting Inc.

MANAGED BY STRATWIT

useful links

Accessibility Plan

BC Children's Hospital