Canadians can now access 30-year mortgages, a move by the Liberal government to enhance housing affordability. While this change may increase borrowing power by about 5%, experts suggest its overall impact on affordability will be limited. To qualify, at least one borrower must be a first-time homebuyer, and the home must be newly built and insured. Critics argue that the extended amortization may not significantly improve affordability, as it could lead to higher home prices and increased long-term debt costs.
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