Wells Fargo Financial Corp. Canada announced today it is introducing a 40-year mortgage that will be available nationwide through its 165-store network across Canada and through registered mortgage brokers and their agents.

Wells Fargo Financial says it is the first lender to offer nationwide to Canadian consumers a mortgage with a 40-year amortization period as it seeks to make homeownership accessible and affordable for all.

“The longer amortization period reduces the monthly payment, making it more affordable for buyers and increasing their monthly cash flow,” said Richard Valade, president of Wells Fargo Financial Canada. “Not only is it easier for consumers to qualify for the 40-year mortgage, it gives them more purchasing power.”

Valade said he expects to see strong demand for the 40-year mortgage. The product could be especially popular in areas where homes are more expensive such as Vancouver, which has the highest home prices in Canada, and Calgary, where average home prices jumped 44% in one year, to $358,214 as of May 2006. The Canadian Real Estate Association recently announced the average resale price of a home rose to a record $303,836 in May 2006.

Wells Fargo Financial’s new 40-year mortgage is breaking new ground in Canada, where the mortgage market is starting to follow the U.S.’s established trend of long-term mortgages.