Revised Canadian Mortgage Rules for First-time Homebuyers
Posted on June 4, 2019
With the bold, new 2019 Revised Canadian Mortgage Rules, living in Kingston is more affordable for first-time homebuyers. Check out these changes that could make your dream home a reality.
CMHC First-Time Homebuyers New Incentive Program
Canada Mortgage and Housing Corporation (CMHC) now provides up to 10% of your purchase price. The full 10% is available if you buy a new house, and 5% for an existing one. Your household income must be below $120,000 and you will still need the 5% down payment. Otherwise, your mortgage qualification process is the same, just for the lower amount.
Unlike previous programs, you don’t need to make payments on this incentive. There will eventually be a repayment plan later – likely when you sell the property. It looks like the maximums will cover properties up to about $500,000, but it is best to talk to your Realtor to get the details on that for your situation. More info on the incentive
Revised Canadian Mortgage Rules Include Upgraded Home Buyer’s Plan
The Home Buyer’s Plan (HBP) currently lets first-time homebuyers withdraw up to $25,000 from an RRSP (Registered Retirement Savings Plan). As long as you are using the withdrawal to finance the purchase of a home, first-time homebuyers don’t have to pay income tax on the money. You do have to replace the funds over the next 15 years. The new limit is raised to $35,000.
Living In Kingston
These recent changes in the 2019 federal budget have made living in Kingston even more desirable. Country living, active lifestyles, and increasing property values make Kingston the ideal choice for many people.
The Real Estate Reimagined team have helped hundreds of families, just like yours. As a first-time homebuyer, don’t leave it to chance. Use these revised Canadian Mortgage Rules to your advantage now. There is no better time to buy in Kingston, and no better team to buy with than us!
“We had a terrific experience working with the team at Real Estate Reimagined! This was our first time buying a home and Jordan and Louis helped us navigate the process from start to finish…we highly recommend them to anyone looking to buy or sell their home.”
“Jordan is very clearly passionate about what he does! He was willing to work (overtime) with our very specific requirements to get our houses sold and get us the new property we love! We provide a challenge and Jordan stepped up. Thank you!”
“I have been a client of the Real Estate Reimagined team for several years now. Jordan and Louis are highly knowledgeable agents. I feel they are very dedicated and are always working with my best interests in mind…It is always a pleasure working with people who are passionate about what they do and I would highly recommend any member of the team.”