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 Home Buyer’s Plan 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.

**The First-Time Home Buyer Incentive is expected to start in September so it’s a good idea to get armed with as much knowledge as possible. Get in touch with me and we will discuss your comfort levels with all factors involved. Pre approving is one element but it is important to budget for future interest rates and personal income projections. Purchasing a home is a big decision and so you should be prepped with good, honest knowledge throughout every single step of the way. Once we establish the financing side of things, your realtor can start sending you tailor made listings in all the areas you are interested in. This will give you a good sense of what’s out there for your particular price range. Ideally, you should start educating yourself with the market now so that you learn what you like and what you don’t like. It’s great to have all of your options and numbers readily available so you can view all properties from an objective point of view. This is what tends to lead to the best, most informed decisions and results.

And as always, I am here for any questions and thoughtful advice.