New Insured Mortgage Option for New Builds: What You Need to Know!

Starting August 1, 2024, homebuyers in Canada will have a new mortgage option available for newly built homes. This initiative, introduced by the Canadian Mortgage and Housing Corporation (CMHC), aims to support affordable homeownership by offering insured mortgages with a 30-year amortization period. This change is expected to provide more flexibility and lower monthly payments for eligible buyers, particularly in competitive housing markets.