Скачать или смотреть CMHC: New First Time Home Buyer Incentives

Earlier this week, CMHC announced some exciting news for first home time buyers.

1. The home buyers plan got an upgrade! Each buyer can now withdraw up to $35,000 from their RRSP for the purchase of their first property. A couple could effectively use up to $70,000 from their RRSP’s! This represents a $10,000 increase from the previous limit of $25,000. It's important to note that the amount withdrawn still has to be repaid over the following 15 years.

2. The government has introduced a first time home buyer incentives. First time buyers getting an insured mortgage (less than 20% down payment) can now receive an interest free loan of up to 10% of the purchase price for new properties or up to 5% of the purchase price for existing properties. The incentive is capped at $40,000.

3. This incentive applies to buyers with a household income of less than $120,000 and for properties with a maximum purchase price of roughly $500,000. The maximum loan amount + incentive amount can not be more than $480,000.

LJ Aguinaga
COURTIER IMMOBILIER AGRÉÉ | LJ IMMOBILIER

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