Since August 1st, 30-year amortizations have made a comeback in Canada! However, there are a few important details you need to be aware of.

Who Qualifies for a 30-Year Amortization?

30-year amortizations are only available to first-time homebuyers who have less than 20% for a down payment. Also, it’s only applicable if you’re buying a brand-new home—whether it’s new construction, a newly built condo, or any other form of new housing. If you’re purchasing a resale home, unfortunately, you will still be limited to the 25-year amortization.

Why Is the Government Offering 30-Year Amortizations?

The government introduced this option as part of an effort to make housing more affordable for young Canadians, particularly in high-demand markets like Toronto and Vancouver. By extending the amortization period, monthly mortgage payments become more manageable, making it easier to qualify for a mortgage on a slightly more expensive property.

What Does This Mean for Buyers in Edmonton?

For first-time buyers in Edmonton, this could be a game-changer. With a 30-year amortization, you might be able to qualify for a property that’s up to 8% more expensive than you could have with a 25-year term. In a market like Edmonton’s, where new homes are more accessible than in larger cities like Toronto, this option could open doors for many buyers.

If you have questions about this new option, reach out to me at 780-720-2490!

I am here to ensure that your path to homeownership is not only successful and seamless, but also rewarding. If you’re looking to get pre-approved for a mortgage to buy a property in Edmonton, fill out my online application. I’m here to help you every step of the way.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.