Canada extends 30-year mortgage ammortization for newly-built homes

The Canadian housing market is not looking healthy, particularly the Toronto condo market.

The government is reacting with finance minister Chrystia Freeland extending 30-year loan amortization to all first-time home buyers and buyers of newly-built homes, all with CMHC insurance.

Canada has gone back-and-forth on 30-year mortgages since the financial crisis.

• 2008: The government reduced the maximum amortization period from 40 years to 35 years.
• 2011: The maximum was further reduced to 30 years for insured mortgages.
• 2012: The maximum amortization period for CMHC-insured mortgages was reduced to 25 years