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Usually yes. The longer amortization can reduce the required payment, but CMHC applies a 20-basis-point insurance-premium surcharge to eligible 30-year insured mortgages, and slower principal repayment can increase total interest.
It may. The federal insured-mortgage definition includes a relationship-breakdown pathway, but that does not automatically create eligibility under the FHSA, HBP, GST/HST rebate or Ontario land-transfer-tax refund.
Potentially yes. A buyer can meet the 30-year insured-mortgage eligibility through the newly built property test even when they are not a first-time buyer, subject to lender and insurer approval.
An Ontario first-time-buyer refund application generally must be received within 18 months of the conveyance or disposition. The maximum provincial refund is $4,000 for qualifying transactions.
The agreement, construction, ownership and application dates all matter. For a builder purchase, the agreement generally must be on or after March 20, 2025, and the rebate application usually has a two-year deadline.
Be careful. RRSP contributions made in the 89-day period before an HBP withdrawal may not be deductible when the post-withdrawal RRSP value is insufficient to support the contribution.
For a first HBP withdrawal made from 2022 through 2025, temporary relief generally delays the start of the 15-year repayment period until the fifth year after the withdrawal year.
A qualifying insured straight switch at renewal may avoid another minimum-qualifying-rate test, but the receiving lender still reviews the mortgage and can decline it under its own policy.
No. The higher insured-price cap expands eligibility for purchases below the program limit, but the lender and insurer still assess the borrower and property, and a lower appraisal can increase the cash required.
The federal minimum on a $1.2 million purchase is $95,000: 5% of the first $500,000 plus 10% of the remaining $700,000, provided the mortgage and property qualify for insurance.