Unlocking the Door to Home Ownership: Announcement of 30-year Amortization Periods on New Construction Homes
SASKATOON, SK (APR 11, 2024) – Today the federal government announced 30-year amortization periods for insured mortgages that will be available for first-time buyers on new construction homes. As most of you know, this was a top ask at CHBA’s Day on the Hill this past fall, in which SRHBA Board Chair Conrad Ehr and CEO Nicole Burgess participated.
The decision which was announced this morning will help first-time buyers get into the market and spur new home construction. This bold move is something that the Canadian Home Builders’ Association (CHBA) has been advocating for as it will help with affordability for consumers and will in turn increase housing supply.
“We applaud the federal government’s decision on extending the amortization period on new construction homes in Canada,” said Nicole Burgess, CEO of the Saskatoon & Region Home Builders’ Association, “This will greatly contribute to a healthier housing market in Saskatoon and region and will allow builders to build more homes with more certainty that buyers can secure a mortgage.”
This measure will take effect starting August 1, 2024, and will be transformative for Saskatoon’s housing market. It will allow the opportunity for many people to have a chance at owning a home, something many might have previously thought would not be possible. With this announcement, we are now better able to build stronger and more resilient communities, putting us one step closer to housing affordability and balanced inventory levels to match supply with demand.
To read CHBA’s announcement, please click here. To read the full news release from the federal government, please click here.
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For more information or to schedule an interview, please contact:
Nicole Burgess
Chief Executive Officer
Saskatoon & Region Home Builders’ Association
ceo@saskatoonhomebuilders.com
306-955-5188
