Purchasing•By Ratellow Research Team•Verified 2026-11-03•How we research

Can a first-time buyer get a 30-year amortization on an insured mortgage in Canada?

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25 vs 30 Year Mortgage Amortization in Canada: 2026 Rules, Costs & Eligibility

Related Questions

How does mortgage insurance enable lower down payments?

Mortgage insurance lowers the risk for lenders, allowing them to offer mortgages to borrowers with down payments between 5% and 20%.

How will lenders evaluate my debt service ratios, and what key factors are considered?

Lenders assess your ability to repay the mortgage by calculating your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios.

What property considerations impact my mortgage application?

Lenders carefully assess the property's value and characteristics, directly influencing the loan amount you can secure.

How does the 'straight switch' exemption benefit you at renewal?

The 'straight switch' exemption lets uninsured mortgage borrowers move their mortgage to a new federally regulated lender (FRFI) at renewal without needing to pass the Minimum Qualifying Rate (MQR) .

Finance Canada set the parameters on September 16, 2024, effective for mortgage insurance applications submitted on or after December 15, 2024. The 30-year term applies to high-ratio insured mortgages ((/glossary/loan-to-value) over 80%) when the borrower is a first-time homebuyer or is buying a newly constructed home that has not been previously occupied as a residence. CMHC offers that term as Home Start. The purchase price or lending value must be below $1,500,000, and the home must be owner-occupied.

A first-time homebuyer, on the Finance Canada test, has never purchased a home, has not occupied a home that they or their current spouse owned as a principal residence in the current year or the four preceding calendar years, or recently had a marriage or common-law partnership break down on the same approach as the Home Buyers' Plan.

An insured mortgage that does not meet Home Start stays at a 25-year maximum. An uninsured mortgage, generally 20% or more down, is not under that insurance cap. How long it amortizes is the lender's decision, and 30 years is commonly available.

Sources checked November 3, 2026: Department of Finance Canada, "Delivering the Boldest Mortgage Reforms in Decades" (https://www.canada.ca/en/department-finance/news/2024/09/delivering-the-boldest-mortgage-reforms-in-decades.html) and CMHC Home Start (https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/home-start).