Mortgage News!
Starting April 11, 2024, the Canadian Mortgage Charter will enhance home buying by increasing the Home Buyers' Plan limit to $60,000 and introducing 30-year amortizations for first-time buyers of new homes, potentially lowering monthly mortgage payments.
Thinking about buying? Now's the time! As of April 11, 2024, the Canadian Mortgage Charter will help make home buying easier.
There are a few things to be excited about:
- If you are saving up for a down payment on your first home, the Government of Canada's Budget 2024 proposes to increase the Home Buyers' Plan limit from $35,000 to $60,000.
- To better help with affordability, the government will allow 30-year mortgage amortizations for first-time home buyers who are purchasing newly-built homes, effective August 1, 2024.
What does this mean? To start - it means you can SAVE hundreds of dollars on your monthly mortgage.
To learn more about Budget 2024, visit the Government of Canada news release at the link below.
Putting home ownership back within reach and supporting Canadian homeowners - Canada.ca
