Under current legislation, if a down payment is less than 20%, the longest allowable amortization (the length of time a homeowner has to repay their mortgage) is 25 years. Under the new regulations, first-time homebuyers purchasing newly built homes will be allowed to have 30-year amortization periods on insured mortgages. This change will take effect on August 1, 2024.

Furthermore, effective today the government will raise the amount first-time homebuyers can withdraw from their RRSPs - from $35,000 to $60,000 - to purchase a home.

For any questions, or to discuss any of the above in further detail, don’t hesitate to reach out to the YEGListings Group!