July 20, 2024

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Note to CMHC: extended amortizations help mitigate mortgage risks

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Robert McLister: Let renewers extend mortgage repayment after extreme rate hike cycles

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For those sweating over their mortgage payments, lower payments are better than higher payments.

You’d think such a truism goes without saying. However, it seems the experts at our housing bureau missed that memo when they shrugged off the merits of 40-year amortizations for easing mortgage risk.

In its latest Residential Mortgage Industry Report, Canada Mortgage and Housing Corporation (CMHC) asked a simple question: “Would increasing amortization from 30 years to 40 years help to substantially mitigate [mortgage market] risk?”

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Kelly Pullen

2024-06-21 06:00:35

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