Under current federal rules, what is the longest amortization period any high-ratio insured homeowner mortgage in Canada can have?
Correct Answer
B) 30 years
Since the 2024 changes, s. 5(1.1) of the Insurable Housing Loans Regulations allows a high-ratio insured mortgage to be amortized over up to 30 years if any borrower is a first-time home buyer or the home is newly built. The standard limit is 25 years, but the longest any high-ratio insured homeowner mortgage can have is 30 years.
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What is the standard maximum amortization period for an insured homeowner mortgage when no borrower is a first-time home buyer and the home is not newly built?
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