Calling all Middle-Class Canadians! Are you a first-time home buyer? Have you heard of the National Housing Strategy? Make your dream to own a home a reality. It is no secret that owning your home is often out of reach for many Canadians. The market prices are accelerating faster than you can save for that down payment and qualify for a mortgage. By the time you have managed to get close to what you would need for a down payment, house prices have gone up so much that your down payment falls short and you feel like you are chasing your tail. In Canada, we are privileged to have a responsive and proactive government that listens to what its residents are saying.
“Because of our Government’s investments through the National Housing Strategy, more Canadians are getting access to affordable homes. Our measures in the First-Time Home Buyer Incentive will reduce monthly payments on a first mortgage by up to $286, helping up to 100,000 families across Canada buy their first home.” – The Honourable Jonathan Wilkinson, Minister of Fisheries, Oceans and the Canadian Coast Guard, in a press release.
If you and your spouse or investment partner make under $120,000 combined, this program starting September 2, 2019, may be exactly what you have been looking for to make home ownership more affordable. Does the thought of lowering your mortgage costs appeal to you? The First-Time Home Buyers Incentive may be your gateway to home ownership by giving qualified applicants 5% or 10% of housing costs. There are guidelines to this program. Some other highlights include, increased RRSP withdrawal from the previous $25,000 limit to $35,000 to put toward your purchase. As well, the Shared Equity Provider Fund can help eligible Canadians achieve their home ownership goal. You can find out more by contacting me and/ or visiting the federal government’s website Place to Call Home.