Today, I’m reminding everyone about the significant change for first-time homebuyers, a reintroduction of the 30-year amortization period for insured mortgages for new construction homes starting in August 2024. Remember that insured mortgages mean CMHC mortgages for example for purchase deals with less than 20% down. This policy shift from the current max 25 year amortization to 30 years aims to enhance affordability and flexibility in the housing market, making home ownership more accessible. There is a 0.20% upcharge on the CMHC premium but even with the more expense insurance premium, payments will be significantly lower than on a 25 year amortization.  At Lotus Loans & Mortgages Corp., we are here to help you understand how this impacts your financial planning and mortgage options. Whether you’re looking to buy your first home or invest in new properties, let’s discuss how these updates can work in your favor.