04/17/2024
🏡 Exciting News for First-Time Homebuyers! 🏡
The federal government has just announced some major changes aimed at improving access to the housing market for first-time buyers. Here's what you need to know:
1️⃣ Starting August 1st, the maximum amortization period for first-time buyers purchasing a new-build property will increase to 30 years from 25. This means lower monthly mortgage payments!
2️⃣ The Home Buyers’ Plan limit is increasing to $60,000 from $35,000, effective April 16, 2024. That's more tax-free funds from your RRSP for your first home purchase!
3️⃣ If you're withdrawing from your Home Buyers’ Plan between Jan 1, 2022 and Dec 31, 2025, you'll get a three-year extension on your repayment grace period.
These changes are part of the government's strategy to tackle the housing affordability crisis. But navigating through all these updates can be overwhelming. That's where I come in!
If you're curious about how these changes might impact you or if you're ready to take the next step towards owning your dream home, give me a call for more details. Let's make your homeownership journey smooth and stress-free! 📞
