The Department of Finance said two key changes would be implemented by Dec. 15, 2024:Expanding eligibility for 30-year mortgage amortizations to first-time buyers and buyers of new buildsIt’s a move that would lower the barrier to entry into the housing market and drop monthly payments — but also one that would increase the overall cost of repaying a mortgage for those taking advantage of the relaxed requirements.
Previously, for those with down payments less than 20 per cent, the maximum allowed amortization was 25 years. Under the government’s new plan, first-time home buyers and those purchasing a new build qualify for a 30-year amortization without needing to meet that 20 per cent threshold.But while monthly costs decrease, the overall cost of repaying a mortgage rises significantly.
More Canadians are installing solar panels on their homes, but some are facing challenges when it comes to getting home insurance after the panels are put in.The federal government has 'no intention' of pausing the next planned increase to the carbon price, Environment Minister Steven Guilbeault confirms.
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Saskatchewan's police watchdog investigating fatal officer-involved shooting on Fishing Lake First Nation