Who is eligible for a 30-year CMHC amortization in BC?

Direct answer

Effective December 15, 2024, CMHC, Sagen, and Canada Guaranty extended the maximum amortization on insured mortgages from 25 years to 30 years for two specific buyer categories: (1) first-time home buyers — defined per the FTHB Tax Credit and HBP rules (no ownership of a home in Canada or anywhere else in the prior four calendar years), AND (2) buyers of newly constructed homes (any buyer, FTHB status not required). Existing owners buying a resale property are NOT eligible for the 30-year amortization and remain capped at 25 years on insured mortgages. The change pairs with the $1.5M insurable cap (effective the same date). Worked example on a $1.2M newly built Willoughby townhouse with a $1.105M insured mortgage at 4.49%: 25-year amortization = $6,123/month payment; 30-year amortization = $5,572/month — about $551/month of cash-flow relief, but ~$80K more total interest over the loan life. The longer amortization helps qualification math (lower payment passes the OSFI B-20 stress test more easily) but adds interest cost. For uninsured (20%+ down) mortgages, lenders are free to offer 30-year amortizations as a commercial decision; this rule only governs INSURED mortgages.