Thirty Year Amortizations

*NOTE* Thirty Year Amortizations are no longer available in Canada. The information below is maintained for historic purposes. Twenty-five year amortization periods or lower are standard as of mid-2012.

Effective June 2012, Canadians are limited to a maximum mortgage amortization period of 25 years.

It is important to note that 35-year and 40-year amortizations are still available through some lenders if you have a down payment that is 20% or more than the purchase price of the house. These types of mortgages, referred to as conventional mortgages, do not require mortgage default insurance in most cases so amortization is at the discretion of the individual lender.

Apply for a Mortgage Now if you already know you want a Canadian mortgage amortized over thirty years.

What does amortization mean?

Simply stated, the "amortization period" of a mortgage is the length of time it should take you to repay the entire loan, assuming you make nothing but your minimum payments. So a 30-year mortgage amortization would mean that it will take you 30 years to pay off that mortgage. The same is true for 10 years, 15, and 25, etc.

Why should I consider a 30-year amortization when choosing my mortgage’s amortization length?

  • Your mortgage payment amount may be much more realistic for you with a longer amortization period than with a shorter one.
  • A longer amortization period may provide you with more flexibility to handle an upcoming career change, maternity leave, or just having extra money for your expenses.
  • You may want the ability to pay off your current debt obligations more aggressively by choosing a longer amortization period.

Do I really have to take 30 years to pay off my mortgage?

Absolutely not! In fact, most people who start with a 30 year mortgage amortization period use other techniques to eventually pay it off much faster. The reality is that, with pre-payment privileges, you can pay almost any mortgage off in under five years – as long as you take full advantage of them. Check out our these tips to save you time and money on your mortgage!

I have more questions. What can I do?

We would love to answer any questions you might have about this 30-year mortgages or any other mortgage-related topic. Please Contact Us if you have any specific questions, or you may also refer to our Frequently Asked Questions page for more information. We're here to help!

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Last updated Feb 11, 2019