Good news for aspiring homeowners! Yesterday Deputy Prime Minister and Finance Minister Chrystia Freeland announced several affordability measures that aim to make homeownership more accessible and sustainable, including:
- Increased RRSP Withdrawal Limit: effective April 16th, first-time buyers will be able to withdraw up to $60,000 from their RRSPs, up from $35,000. This, coupled with the Tax-Free First Home Savings Account, provides an excellent opportunity for prospective buyers to save effectively for their dream home.Â
- Extended Repayment Period: first-time buyers who withdraw money from their RRSPs will now have five years to begin repayments instead of two, offering more flexibility and breathing room for new homeowners.
- 30-Year Amortization Period: beginning August 1st, first-time home buyers with insured mortgages purchasing newly-built homes will have up to 30 years to repay their mortgages. This adjustment aims to make monthly mortgage payments more manageable.
If you’ve been contemplating purchasing your first home, now is the perfect time to explore your options. As a mortgage professional, I’m here to guide you through the process, address any questions you may have, and ensure a seamless journey to homeownership—all at no cost to you. Reach out to discuss how these updates can help turn your home ownership dreams into reality.
Summarized
Kelly MioBertolo,
Mortgage Agent
Mortgage Alliance
