As of April 2021, the changes to the First-Time Home Buyer Incentive program the federal government announced as part of the Fall Economic Statement on November 30, 2020 are in effect. The eligibility for the program has been expanded in the higher priced housing markets of Victoria, Vancouver, and Toronto.
Jan 14 2020
A common problem many soon-to-be home buyers have is that they have the will to buy, but not the means. If you’re looking to buy but don’t have enough saved up for a down payment, try these tips that are sure to help grow your bank account.
The First-Time Home Buyer Incentive is a federal program introduced in the 2019 budget as part of the National Housing Strategy. It is a shared equity mortgage with the Government of Canada, with the goal of reducing your monthly mortgage payment. In the examples provided by CMHC and the scenarios we've run, you can expect your monthly payment to be lowered by $100-$200 versus borrowing the full mortgage amount from a lender. Applications are open as of September 2, 2019.
In the Housing section of Canada's federal budget released on March 19, 2019, the greatest emphasis is on the affordability of housing for first time home buyers. First, the straight-forward news: effective this year, the Home Buyers' Plan that allows Canadians to withdraw funds from their RRSP to buy a home will be increased to a limit of $35,000. If you've been diligent in using this saving product, it could work to your advantage when it's time for your down payment.
Oct 12 2018
A common way to get on the property ladder is for mom & dad to help out with a first property purchase. This can take many forms, from a gift of funds for the down payment to co-signing on the mortgage. In Sheila's case, her parents had bought a condo unit for Sheila to live in while she was attending school.
You've worked hard to save a down payment. You've got your dream home in mind. But how do you get from that moment of being ready to owning your first home? That was the situation our client Tom found himself in.
Mar 07 2018
Buying your first home can be the single most exciting experience you've had so far, but it can also be the most nerve-racking. There are a host of factors to consider, and overlooking some of them can cause headaches down the road. If you missed our first 5 DOs for buying your first home, check them out. Here are 6 more DOs for you to tackle.