"For every young Canadian who wants to own a home of their own, we want them to be able to qualify for a mortgage and afford their first home. One of the biggest hurdles to homeownership for younger Canadians is qualifying for a mortgage and affording the monthly payments. That is why, starting August 1, first-time buyers of new builds will be able to reduce their monthly payments with up to 30 year mortgages. This is just one of the many new measures our government is taking to make the dream of homeownership a reality for younger Canadians."

- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

• The strengthened Canadian Mortgage Charter, as announced in Budget 2024, sets out the  expectations of financial institutions to ensure Canadians in mortgage hardship have access to tailored relief and to make it easier to buy a first home.

• The federal government's ambitious plan to unlock nearly 4 million more homes is bringing down the costs of construction, encouraging cities to cut red tape to make it easier to build homes at a faster pace, turbocharging new innovative construction methods, and growing the construction workforce. This plan includes:

  • A Public Lands for Homes Plan to lead a national effort to build affordable housing on federal, provincial, territorial, and municipal lands across the country. The government will partner with homebuilders and housing providers to build homes on every possible site across the public portfolio and ensure long-term affordability.
  • $15 billion in additional loans for the Apartment Construction Loan Program to build a minimum of 30,000 new rental apartments, in big cities, small towns, and rural communities alike. With this additional financing, the program is on track to build over 131,000 new apartments by 2031-32.
  • Launching Canada Builds, a Team Canada approach to building affordable homes for the middle class on under-utilized lands across the country. Canada Builds combines federal low-cost loans with provincial and territorial investments to scale up construction on rental homes for the middle class, from coast to coast to coast.
  • Supporting Indigenous Peoples in urban, rural, and northern areas. The government will also provide additional distinctions-based investments for Indigenous housing to be delivered by Indigenous governments, organizations, housing, and service providers.

Related products

• June 11, 2024: Budget 2024: Building 4 million homes, protecting renters, and making it easier to buy a home
• Backgrounder: 30 Year Mortgage Amortizations for First-time Homebuyers Purchasing New Builds

Associated links

• Budget 2024: Fairness for Every Generation
• The strengthened Canadian Mortgage Charter
• Backgrounder: Canada's Housing Action Plan
• June 10, 2024: Government of Canada delivering tax fairness for every generation