Canada's housing landscape is undergoing a significant change as the Canada Mortgage and Housing Corp. (CMHC) announces the discontinuation of its first-time homebuyer incentive program. The move comes in response to widespread criticism that characterized the initiative as ineffective and nonsensical.

Purchasing a home is a significant milestone and a crucial financial decision for many Canadians. One of the most integral aspects of this process is securing a mortgage. Understanding the intricacies of mortgages in Canada is essential for prospective homebuyers to make informed choices and navigate the real estate market effectively. In this comprehensive guide, we'll delve into the fundamental aspects of mortgages in Canada, exploring various types, eligibility criteria, the application process, and important considerations for borrowers.