Canada will relax the rules on home lending to allow first-time buyers to take out 30-year mortgages when they purchase newly built homes.&nbsp; The change to the rules for insured mortgages comes into effect on Aug. 1, Finance Minister Chrystia Freeland said. It’s a move that’s primarily aimed at younger people who have been squeezed by soaring housing prices and high interest rates.

New rules also mean first-time homebuyers can pull $60,000 rather than $35,000 from RRSPs to use in a downpayment on a home{ai:summary}<p>Canada's new rules allow 30-year mortgages for first-time buyers of newly built homes, effective August 1. Aimed at helping younger buyers struggling with high housing costs. #economy</p>

Canada will allow 30-year mortgages for first-time homebuyers

Loading...