APRIL 11, 2024 – OTTAWA, ON – The federal government’s decision to support first-time buyers by introducing 30-year amortization periods for insured mortgages on new construction is very welcome news to the Canadian Home Builders’ Association (CHBA) and its members, who have been calling for this very measure.
“CHBA has been calling for 30-year amortization periods for insured mortgages for new construction because of the urgent need for much more new housing supply. This is a game-changer for those who have been struggling with housing affordability and growing inequities in mortgage access,” stated CHBA CEO Kevin Lee. “This measure will also go a long way to enable our sector to respond to the government’s goal of getting 5.8 million new homes built over the next decade. This measure is needed now, to help turn the market around, and will be needed for many years to come if we are to work towards doubling housing starts. The problem has been simple: if buyers cannot get a mortgage to buy a home, then builders cannot build.” READ MORE