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Government announces 30 year amortizations for insured mortgages to put homeownership in reach for Millennials and Gen Z

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Government announces 30 year amortizations for insured mortgages to put homeownership in reach for Millennials and Gen Z

Government Announces 30-Year Mortgages to Help Young Canadians Buy Homes

The Canadian government is supporting young people, such as Millennials and Gen Z, in buying their first homes. Starting August 1, 2024, they will introduce 30-year mortgages for new homes. This gives people more time to pay off their mortgage, making monthly payments lower and more affordable.

This change is part of a broader plan to make homeownership more accessible for all generations. The government is also offering assistance with saving for a down payment through a special savings account that has already benefited many Canadians.

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