Posted On Nov 07, 2024

The 30 years Amortisation coming into effect soon and BOC pointed that:


1) Moving from 25 to 30 years amortisation, borrowers could lower their monthly payment by 200$.


2)However in doing so their interest cost over 5 years of the added amortisation could increase by 50,000$.

Make an informed choice!

Source: https://www.canadianmortgagetrends.com/2024/11/boc-official-warns-against-playing-with-mortgage-rules-to-make-housing-affordable/