30yr amortization Insured (<20% down) Mortgages for New Builds

Wow what a flurry of upgrades our govt has been giving the mortgage rules lately. Here's the 1st of the 4 in this Newsletter:

Effective August 1st, 2024, the Department of Finance started to allow homeowners purchasing a newly built property and who meet First Time Home Buyer (FTHB) criteria, the option of a 30 year amortization for insured mortgages.

Deputy Prime Minister Chrystia Freeland touted the changes as a chance to "restore generational fairness" for younger people trying to break into the housing market.