The Liberals just announced the new federal budget for 2019, with a few incentives to ease the burden on today’s prospective first-time buyers – to help them get into our heated markets.
Tony sits down with Zach Silverman of the Silverman Mortgage Group to discuss exactly what first-time buyers need to know!
Click below to listen in on our chat:
To summarize, the multi-pronged approach to housing affordability largely centres on the incentive plan for first-time buyers.
If the first-time buyer can come up with the minimum down payment for a home, they can apply to finance between five – 10 % of their mortgage via a shared equity program by Canada Mortgage and Housing Corporation (CMHC), which applies to newly constructed homes. More details about this plan will be unveiled, and is expected to be in place by September of this year.
As well, the government has raised the amount that first-time buyers can withdraw from their RRSPs – previously $25,000 per person, it’s now raised to $35,000 or $70,000 per couple. Plus, if you purchased your first home last year, this withdrawal will now be applicable to those experiencing the break-up of a marriage or common-law partnership, who don’t meet the usual requirements of being a first-time buyer.
There are finer details and exceptions to both new initiatives, so if you have questions or are wondering if you may qualify, be sure to get in touch with us first!
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