Blog

New program: First-Time Home Buyer Incentive.

Posted by on Mar 25, 2019 in Blog | Comments Off on New program: First-Time Home Buyer Incentive.

New program: First-Time Home Buyer Incentive.

Finally getting that much deserved break! A fund administered by Canada Mortgage and Housing Corp. (CMHC) will provide you with 5% of the Purchase Price of an existing home and 10% of a new home through an interest-free loan that must be repaid only when you sell your home. Now this is a pretty sweet gig.Here are the Details:- You must have a down payment of at least 5% — but less than 20% — and a combined household income under $120,000.Due to income requirements, purchase price will max out around $480,000.The First Time Home Buyer’s Program has been ramped up as well: The maximum tax-free withdrawal from RRSP’s under the federal Home Buyers’ Plan rises to $35,000 from $25,000, effective immediately.

read more