Mortgage Brokers in Abbotsford

In 2025, Canada’s mortgage landscape underwent a meaningful shift to address affordability: first-time buyers purchasing newly built homes can now access 30-year amortization terms on insured mortgages. This policy change is designed to ease the entry barrier for homeownership — particularly in British Columbia and Alberta , where rapidly rising home prices have put additional pressure on younger buyers. But like any financial tool, it brings both opportunities and trade-offs. What Changed? Previously, insured mortgages in Canada were capped at a 25-year amortization. Longer terms were available only to borrowers putting down at least 20% — resulting in uninsured mortgages. Now, first-time buyers who put down less than 20% and purchase a newly built home may choose a 30-year amortization, provided the mortgage is insured by CMHC, Sagen, or Canada Guaranty. The longer term allows for lower monthly payments and greater purchasing power, but it’s still subject to Canad...

Affording a home in 2025 means balancing your financial reality with rising housing prices and evolving mortgage rules. Across British Columbia and Alberta, especially in fast-moving markets like Abbotsford, Surrey, and Edmonton, understanding how much mortgage you can truly afford is more critical than ever. While online calculators offer a quick estimate, accurate affordability depends on a range of variables: your income, debts, down payment, credit profile, and the type of mortgage you choose. And with the Bank of Canada adjusting its rate strategy in 2025, interest rates have stabilized—giving some buyers a timely opportunity. Affordability Rule of Thumb: It’s Not Just About Pre-Approval Mortgage affordability begins with ratios that lenders use to assess risk: GDS (Gross Debt Service) should not exceed 39% of gross income TDS (Total Debt Service) should stay below 44% But just because a lender says “yes” doesn’t mean the monthly payment will suit ...