The appeal of a longer amortization is a lower monthly payment, spread over more years, but it comes at the cost of paying far more interest over the life of the loan, and CMHC’s minimum credit score of 600 for an insured mortgage still applies regardless of the amortization length.
At the Saskatoon benchmark price of $444,700, the difference between a 25 year and a 30 year amortization already changes a monthly payment noticeably, so that is the real lever available here rather than a 50 year term that does not exist in this market.
Joel Dyck can connect buyers with a mortgage broker who explains the amortization options actually on the table before they anchor on a headline. Get your hand-reviewed valuation from Joel Dyck.