First Time Buyer Incentive

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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

There are a few qualifiers to apply for this 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
The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. The Incentive is not interest bearing and does not require ongoing repayments.
Through the First-Time Home Buyer Incentive, the Government of Canada will offer:
  • 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.