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The April 2024 Federal Budget in Canada has provided two incentives for First Time Home Buyers (FTHBs).
The first allows FTHBs to buy new construction with less than a 20% downpayment and have a mortgage amortized over 30 years. This allows for lower payments and allows the borrower to qualify for a slightly higher mortgage amount.
The second incentive, increased the amount a FTHB can take from their RRSP to use towards the purchase of a home from $35,000 to $60,000 and for a married couple this could provide up to $120,000 for the purchase. Additionally the first repayment does not start for five years if the withdrawl is made before December 31, 2025.
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