In a move designed to address the growing affordability crisis in Canada’s housing market, the federal government has announced a new policy that could make home ownership more achievable for younger Canadians. Starting August, 1 2024, first-time homebuyers purchasing new builds will be eligible for insured mortgages with amortization periods of up to 30 years. This extension from the traditional 25-year term is set to ease the financial burden of high monthly mortgage payments.