Breaking: Home buyer incentives just announced in federal budget!
March 20, 2019 | Posted by: Natalie Wellings
Details have just been announced on the new federal budget. There is going to be some sort of loan offered from CMHC to reduce mortgage size. My initial reaction is that this is an odd incentive. I feel the government could have eased affordability by bringing back 30 or 35 year amortizations. The full details on this loan will not be available until the fall.
In addition, the government will be changing the withdrawal limits under the Home Buyer's Plan to $35,000 from $25,000. They will also now allow someone who has had a breakdown in their marriage or common law partnership to utilize this plan again, which was not previously allowed.
Read the full details of the budget announcement HERE.