AN EXCEPTIONAL YEAR FOR ACCESS TO PROPERTY

How?

1) Through the enhancement of the HBP (Home Buyers’ Plan) The amount of funds that can be withdrawn from RRSPs (Registered Retirement Savings Plans) to fund a first real estate purchase will increase from $ 25,000 to $ 35,000.

2) Through CMHC (Canada Mortgage and Housing Corporation) through the IAPP (Incentive to Purchase a First Property) program. CMHC provides a loan of either 10% of the price of the property for new construction or 5% for resale, in addition to the traditional mortgage made by buyers from financial institutions.

For who?

– Those who want to access the property for the first time, the government is particularly targeting young adults

– Those with a family income of less than $ 120,000 / year

– Those who have a bottoming of less than 20% of the total price of the property

Good to know

– Separate couples can now benefit from the HBP bonus even if it is not their first purchase.

– The repayment terms of CMHC are still vague, the only case cited by the government is the assumption of a refund at the time of resale of the property.

– The IAPP budget amounts to $ 1.25 billion over 3 years

– Ottawa plans to help 100,000 homes with these measures

Example

A young couple wants to buy a new condo for $ 300,000 and has a down payment of $ 15,000. He can then apply for CMHC assistance, which can lend him 10% of the sale price, or $ 30,000. The amount of the mortgage with the bank will amount to only $ 255,000. The borrower will save several thousand dollars each year.

Conclusion If until now you do not feel ready to become owner, a door is opening. Do not hesitate to ask real estate professionals who will be there to answer all your questions. A chance to seize as long as there is still time!

* Several other terms and conditions apply. To find out more, contact your real estate professionals from Groupe Lamarre!