Government programs such as the Home Buyers Plan, the First Home Savings Account, & the First Time Home Buyers Program offer qualifying first-time home buyers financial assistance and tax benefits. These programs can reduce upfront costs and facilitate homeownership.
-
What government programs are available to assist first-time home buyers?
Click Here To Read The Full Article
-
What is the minimum down payment required for first-time home buyers?
First-time home buyers in Canada typically need a minimum down payment of 5% of the purchase price. This can vary depending on the purchase price and mortgage insurance requirements.
Click Here To Read The Full Article
-
Qualification Updates to Insured Mortgages & First Time Home Buyers
An Increase to the Insured Mortgage Price Cap: The government has increased the price cap for insured mortgage from $1 million to $1.5 million, reflecting the realities of today’s housing market. This change will help more Canadians qualify for insured mortgages with a down payment of less than 20% (80% loan-to-value or higher). This will make home ownership more attainable, especially for younger Canadians. Eligibility for Insured Mortgage The borrower is purchasing an owner-occupied home or second home with less than a 20% down payment. The borrower’s purchase price is no greater than $1,5000,000. 30-year amortizations will apply to first time home buyers, otherwise 25-year amortizations…
Click Here To Read The Full Article