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Canadian First Time Home Buyer Update 30 Year Amortization

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New Canadian First Time Buyer 30 Yr Amortization | Dec 15 2024

What new? CMHC and the Canadian government have made 2 major changes that will affect home buyers in Canada
 
-The first change is that you can now put 5% down or less than 20% down on properties up to 1.5 Million dollars! Prior to this it was capped at one million.
Who will this help? This will help anyone that wants to buy higher priced homes with a lower downpayment. Especially people in places like vancouver and Toronto, where home prices have literally skyrocketed.
 
-The second change is that the government and cmhc will now allow all new home buyers to finance a mortgage for a 30 year amortization. This mean all new home buyers can now finance their properties up to 30 years. This will help some people have lower payments, and will help others qualify for a higher amount. In this case, a first time home buyer is anyone that has not owned property in the last 4 years.
 
Why is the government making these changes? They are making these changes to mitigate the risk of young Canadians not being able to afford a home in their own country. Prices have sky rocketed and there has to be ways for the government to help Canadians with affordability.
 
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What are the other first time home buyers incentives in Canada?
 
-The government got rid of the old first time home buyers incentive that gave Canadian first time buyers up to 10% down towards their downpayment (repayable)
 
  • The RRSP Home Buyers Plan allows you take out up to 60k out of your RRSP and put it in the HBP (Home Buyers Plan account) This is at no interest penalty for the withdrawal and can be paid back over 15 years you do not have to start paying this back until after 5 years after the withdrawal.
  • The first home savings account (FHSA) This allows you to save and invest up to 40k in the fhsa account tax free. You are allowed $8k in the first year withh a limit of 40k total investment or lifetime limit. This is much like a tax free savings account for first time home buyers!
 
If you do have any questions. about these accounts and programs, please reach out to me anytime! 780-278-4847

Exciting news for first-time homebuyers in Canada! Starting Dec 15, 2024, new regulations will allow for a 30-year amortization period. Learn more in this video.
The Canadian government also is loosening their rules on down-payment requirements up to $1.5 million!
This will allow Canadians to qualify for a higher amount, and lower mortgage payments.

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Sean Rampersaud
Senior Mortgage Broker
www.lendramp.com
780-278-4847

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Sean Rampersaud

Sean has been a mortgage broker in Canada for 17 years.
We have helped countless amounts of clients achieve their mortgage goals!
Call me anytime at 780-278-4847

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