Good evening everyone,
As some may have heard or are just reading now. Yesterday’s Federal Budget announcement will be providing some relief for first time home buyers which is great news to all our new buyers!
RRSP withdrawal’s are now up to $35,000 per individual instead of the $25,000. Same 15 year repayment plan.
CMHC’s shared equity mortgage will be a unique twist to helping reduce overall household expenditure when it becomes available.
In short CMHC will help contribute up to 10% (depending on scenario) towards the downpayment on a purchase with no repayment supposedly required until sale of the mortgage. More details will follow on the subject as they become available as it is still in its early stages of information available.
As always take a look at the following link for a full breakdown of the budget breakdown. Unfortunately it will not be balance as of yet; hopefully further adjustments to the b20 regulations will be put in place as well.