30-Year Amortization Eligibility
Also known as: 30-year amortization · 30-year mortgage
A December 15, 2024 reform permitting 30-year amortization on CMHC-insured mortgages for first-time home buyers (any property) and any buyer purchasing newly constructed housing.
Effective December 15, 2024, CMHC-insured mortgages permit a 30-year amortization (vs. the standard 25-year maximum) for two specific borrower categories: (1) all first-time home buyers regardless of property type, and (2) any buyer — first-time or repeat — purchasing newly constructed housing. The longer amortization reduces the monthly principal-and-interest payment by roughly 8-12% versus a 25-year amortization at the same rate, improving affordability and qualifying capacity at the cost of more lifetime interest paid.
Related terms
- CMHC Default Insurance Cap — The maximum home purchase price eligible for CMHC default mortgage insurance — raised from $1,000,000 to $1,500,000 effective December 15, 2024.
- OSFI Mortgage Stress Test (B-20) — OSFI Guideline B-20 requires federally-regulated lenders to qualify mortgage borrowers at the greater of (a) the contract rate plus 2 percentage points or (b) the Bank of Canada qualifying rate (5.
See also
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@misc{bronsonjob-cmhc_amortization_30yr_eligibility,
author = {Job, Bronson},
title = {{30-year amortization eligibility (insured mortgages)}},
howpublished = {BC Real Estate Codex},
year = {2026},
url = {https://www.bronsonjob.com/codex#cmhc.amortization_30yr_eligibility},
urldate = {2026-05-08},
note = {Fact ID: cmhc.amortization_30yr_eligibility, version 1.}
}Job, B. (2026). 30-year amortization eligibility (insured mortgages). *BC Real Estate Codex*. Retrieved 2026-05-08, from https://www.bronsonjob.com/codex#cmhc.amortization_30yr_eligibility
30-year amortization eligibility (insured mortgages) — Bronson Job, BC Real Estate Codex (2026-05-08). https://www.bronsonjob.com/codex#cmhc.amortization_30yr_eligibility
Fact id: cmhc.amortization_30yr_eligibility · v1 · machine-readable: /api/v1/facts/by-id/cmhc.amortization_30yr_eligibility.json
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- Government of Canadaretrieved 2026-05-08· published 2024-09-16Government Announces Boldest Mortgage Reforms in Decadeshttps://www.canada.ca/en/department-finance/news/2024/09/government-announces-boldest-mortgage-reforms-in-decades-to-unlock-homeownership-for-more-canadians.html
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