The federal government has announced two big updates to updates to CMHC eligibility for First-Time Homebuyers. Whether the changes are an effort to garner votes, or increase affordability is up for debate. THE FIRST UPDATE: INCREASE TO THE MAXIMUM VALUE Currently, CMHC-eligible insured or insurable mortgages are limited to home values of $1 million. The […]
There was a recent announcement from the Federal Government regarding the maximum amortization for insured mortgages for First Time Home buyers when purchasing newly built homes, up to 30 years, from the current maximum of 25 years. This change is effective August 1st, 2024. This change is in addition to the previously announced Tax Free […]
As of April 1st, first-time home buyers in Canada will have a new tool, the First Home Savings Account, to help them save for the down payment for a home purchase. This is a great program for prospective buyers. What is a First Home Savings Account? The First Home Savings Account, or FHSA as it […]
Despite real estate prices declining slightly from the highs of 2022, prices are still at relatively high historic levels. This, coupled with historically high rates and the associated payments, has continued to make affordability a big issue, especially for first-time home buyers. High real estate prices mean large down payments and large mortgage payments. For […]
As of April 1st, First Time Home Buyers in Canada will have a new tool to help them save for the down payment for a home purchase. The First Home Savings plan or FHSA (First Home Savings Account) as it will be known, is a registered savings plan that will be administered by qualified, participating […]