Federal Budget 2019

By: Nancy Che

Federal Budget 2019

Tags: Real Estate Trends


For more information you can go to the Government of Canada website #yourbudget2019
CLICK HERE

1. Effective Immediately RSP maximum withdrawals increase to $35,000 - an increase of $10,000 from before.
2. New Shared Equity program with Canada Mortgage and Housing Corporation (CMHC)
$1.25 billion has been earmarked over 3 years to provide 5% of the cost of an existing home (resale) and 10% of the price of a newly built home in a "shared equity CMHC mortgage." This mortgage would be an interest-free and payment-free loan, however the money would have to be repaid upon sale of the property.

This program's details have not been ironed out yet and more information is expected in the fall.

Key Criteria:
1. Down payment needs to be at least 5%, but less than 20%.
2. Household income cannot be over $120,000.
3. The mortgaged amount cannot be more than 4 times the buyers' household income.
4. The maximum purchase price is $500,000.

These programs only apply to first time home buyers.

 

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