New support from Canadian Government to assist new homeowners!
Updated: May 7
The Home Buyers plan allows Canadians to withdraw from their RRSP to buy or build a qualifying home. The limit has been increased from $35,000 to $60,000. This program will also work with the FHSA which allows Canadians to contribute up to $8000/yr and up to $40,000/lifetime towards their first down payment.
Starting August 1st, 2024, the Canadian government has announced it's 30 year amortization mortgage (must be insured) for first-time home buyer on newly constructed homes.
To read more, go to this link: https://www.canada.ca/en/department-finance/news/2024/04/putting-home-ownership-back-within-reach-and-supporting-canadian-homeowners.html
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