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- The new 30-year amortization policy lowers monthly payments but significantly raises total interest costs, extending financial obligations into retirement.
- Mortgage experts warn that while it enables first-time homebuyers, the long-term interest increase benefits banks and developers more than buyers.
- Advocates suggest tax-deductible mortgage interest could offset these costs, as done in the U.S.
Why a 30-Year Mortgage Amortization May Cost Canadian Homebuyers More in the Long Run
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