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First-time homebuyers can get 30-year mortgages to buy newly built houses under rule change
As part of a growing collection of initiatives designed to address Canada’s growing housing crisis, the federal government announced that it was easing its mortgage rules for the first time in a decade, writes Rachelle Younglai. First-time homebuyers who require mortgage insurance — due to making a down payment that is less than 20 per cent of the purchase price — will now be able to take out 30-year mortgages on a newly built home. It is unclear how much the longer amortization period will help first-time buyers, as it only