For more information CLICK HERE and watch Alex at Thrive Mortgage Group explain the new incentives.
As of March 2019 The federal Government introduced 2 measures targeted at helping first time buyers purchase a home
Incentive 1 – Borrowing from RRSP’s
The first step in buying Real Estate is finding out what financing is available to you and figuring out where your deposit will come from.
Many first time buyers opt to use the RRSP contributions they have saved. The Federal Government has now increased the amount allowable to withdraw from $25,000 to $35,000. Essentially giving first time buyers an extra $10,000 towards their Real Estate purchase.
Incentive 2 – First Time Home Buyers Incentive
you need to have the minimum down payment to be eligible
your maximum qualifying income is no more than $120,000
your total borrowing is limited to 4 times the qualifying income
5% for a first-time buyer’s purchase of a re-sale home
5% or 10% for a first-time buyer’s purchase of a new construction
Click on the link at the top to find out more information on how to qualify, how to apply and how much the repayments will be.
Call Garry Voigt, your Local Langley Realtor for all of your Real Estate needs.