National

Canada to allow 30-year amortization for first-time buyers' mortgages on new homes

Darpan News Desk The Canadian Press, 11 Apr, 2024 10:06 AM

The Canadian government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes.

Finance Minister Chrystia Freeland made the announcement in Toronto today, saying it would take effect Aug. 1.

The Canadian Home Builders' Association has advocated for longer amortization periods, saying five more years would help with affordability and spur more construction.

Freeland also said the government will nearly double — to $60,000 — the amount first-time homebuyers can withdraw from RRSPs to buy a home.

That's up from $35,000, to take effect April 16, the day the federal budget is set to be released.

People who make such withdrawals between Jan. 1, 2022, and Dec. 31, 2025, are also getting more time to begin repayment — up to five years in total rather than two.

Prev Next

MORE National ARTICLES

Health minister compares dentists' 'fears' on dental-care program to medicare rollout

Health Minister Mark Holland says "concerns and fears" dentists are expressing about a national dental-care plan are similar to those doctors had when Canada launched medicare in the 1960s. He is defending his government's back-and-forth negotiations with dentists after dental associations said some of their members are hesitant to participate.

Health minister compares dentists' 'fears' on dental-care program to medicare rollout

Canada's spy agency saw low-level Chinese meddling activities in 2019 election: Gould

The former minister of democratic institutions says she was told after the October 2019 federal election that Canada's spy agency had seen low-level foreign interference activities by China. Karina Gould, who held the portfolio from early 2017 to November 2019, said in a classified interview last month that the Canadian Security Intelligence Service indicated the activities were similar to what had been seen in the past.

Canada's spy agency saw low-level Chinese meddling activities in 2019 election: Gould

BoC holds key rate at 5%

Governor Tiff Macklem says economic data since January has improved the central bank’s confidence that inflation will continue to slow, even as economic growth picks up. The governor says while the Bank of Canada is seeing the evidence it needs to begin lowering interest rates, it needs to see price pressures ease for longer to make sure the decline in inflation is sustained.

BoC holds key rate at 5%

B.C. announces one-time $430 rent relief benefit to low-income seniors

The British Columbia government is granting a one-time $430 benefit to the roughly 20,000 seniors in its support program for elderly low-income renters. B.C. Housing Minister Ravi Kahlon says eligible seniors don't need to apply for the payment, which will be sent out this month.

B.C. announces one-time $430 rent relief benefit to low-income seniors

Two blows to B.C.'s credit status, as S&P cuts rating and Moody's turns negative

British Columbia's credit status took a double blow on Tuesday, with S&P downgrading the province due to the risk of "outsize" deficits, and Moody's turning its outlook negative. S&P Global Ratings blamed big government spending as it dropped its credit rating for the province and BC Hydro's provincially guaranteed unsecured debt from AA status to AA-minus.

Two blows to B.C.'s credit status, as S&P cuts rating and Moody's turns negative

B.C. makes it easier to salvage timber damaged by wildfires

The B.C. government says it's making it easier for forestry companies to salvage timber damaged by wildfires. Sustainable Forestry Innovation Minister Andrew Mercier says in a statement that changes to the price of fees for harvesting timber on Crown land make salvage "more economic," and will speed up forest regeneration.