Updated Mortgage Rules for First-Time Home Buyers

Rodney Biggar - Mortgage Broker

Get ready, first-time home buyers, because the government is shaking things up with some positive changes to mortgage rules!

Starting August 1, 2024, you can say hello to 30-year amortizations making a comeback, but there’s a twist. These extended amortizations are exclusively available for first-time buyers planning to buy new construction homes. Once I have more information, I will share it.

“Faced with a shortage of housing options and increasingly high rents and home prices, many younger Canadians feel that the dream of homeownership is just that, a dream,” Freeland said in Toronto.

But wait, there’s more! The government also announced it would boost the Home Buyers’ Plan withdrawal limit from $35,000 to a whopping $60,000, effective April 16, 2024. And here’s the cherry on top: Those who dip into their RRSPs under the Home Buyers’ Plan have extra time to repay, up to five years instead of just two!

With these game-changing moves, the government is rolling out the red carpet for first-time home buyers. From extended amortizations to larger RRSP withdrawals, it’s all hands on deck to help you snag your dream home!

Don’t miss out on this opportunity! Let’s turn those homeownership dreams into reality! If you are ready to make a move, let’s chat!

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