New Government Incentive: 30-Year Amortization for First-Time Buyers!

New Government Incentive: 30-Year Amortization for First-Time Buyers!

Exciting news for first-time homebuyers: the government has introduced a new incentive starting August 1, 2024, allowing first-time buyers to stretch their mortgage payments over 30 years for newly constructed homes. This game-changing move makes homeownership more accessible and affordable.

What’s the Big Deal?
With a 30-year amortization period, your monthly mortgage payments will be lower, meaning you can afford a more expensive home without breaking the bank each month. Imagine being able to qualify for a home that’s $25,000 more expensive while keeping your monthly payments manageable.

Increased RRSP Withdrawal Limit
In addition to the extended amortization period, the government has also raised the RRSP withdrawal limit from $35,000 to $60,000 for your down payment. This increase provides first-time buyers with more funds to put towards their dream home, making it easier to secure a property and reduce the mortgage amount needed.

What Does This Mean for You?

More Purchasing Power: With lower monthly payments, you can afford a higher-priced home.

Easier Mortgage Qualification: The extended amortization period can help you meet the criteria for mortgage approval more easily.

Increased Down Payment: The higher RRSP withdrawal limit means you can put down a larger initial payment, reducing the overall amount you need to borrow.

How to Take Advantage
If you’re a first-time homebuyer, now is the perfect time to explore these new incentives. Reach out to a real estate professional to understand how these changes can benefit you and help you get into your dream home. Don't miss out on this opportunity to make homeownership more affordable and accessible.

Ready to Buy Your Dream Home?
With these new government incentives, there’s no better time to take the plunge into homeownership. Contact us today to learn more about how you can benefit from the 30-year amortization and increased RRSP withdrawal limit. Let's make your home-buying journey smoother and more rewarding.