New Rules, More Options: How a 30-Year Amortization is Helping First-Time Home Buyers

Buying your first home is an exciting milestone — but in today’s market, it can also feel financially out of reach. Luckily, new changes introduced in December 2024 are giving first-time buyers more breathing room and greater flexibility when it comes to mortgage payments. One of the biggest game-changers? The ability to access a 30-year amortization — even with less than 20% down.

What Changed?

As of December 15, 2024, eligible first-time home buyers in Canada can now opt for a 30-year amortization period on insured mortgages — something that was previously only available to those with 20% or more down.

Why This is a Big Deal

For many of our clients, this shift has been a welcome relief. Here’s how it’s helping:
– Lower Monthly Payments: Stretching your mortgage over 30 years lowers your required monthly payments.
– More Purchase Power: You may now qualify for more house than before.
– Flexibility in Your Budget: You can still make lump sum or accelerated payments.

Who Qualifies for the 30-Year Option?

To qualify, you must be a first-time home buyer and your mortgage must be insured through a recognized provider like CMHC, Sagen, or Canada Guaranty.

Smart Strategy, Personal Support

At DLC The Tracey Robinson Mortgage Team, we help you build a smart mortgage plan that aligns with your lifestyle and long-term goals.

Let’s Talk About Your Next Step

If you’re a first-time buyer in the South Okanagan or anywhere in British Columbia, reach out to us. We’ll guide you through your mortgage options, explain the new amortization rules, and help you feel confident in your next move.

Call 236-700-0139 or book your free consultation today.