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Greetings!
The Canadian Federal Government released their 2019 budget a few weeks ago and included a number of measures aimed at improving housing affordability. The First Time Home Buyer Incentive was unveiled which allows buyers to share the cost of purchasing a home with the CMHC through a shared-equity mortgage. CMHC would offer a 5% shared equity mortgage thereby reducing the overall debt payments for borrowers. There are various conditions to this incentive, however this will have the greatest impact on properties outside the GTA as the incentive only applies to properties priced $500k or below. For details on who qualifies for the shared equity mortgage works, please refer to the article below.
The Federal Government also increased the RRSP withdrawal limit to $35k under the Home Buyers Plan. We feel that the Federal Government did not go as far as they could have in order to have a measured impact on housing affordability in Canada, but this is certainly a step in the right direction. It is in the Canadian Government’s best interest to have a healthy real estate market as the housing industry accounts for over 22% of Gross Domestic Product. We feel that housing affordability will continue to be a topic for discussion and expect further measures to be introduced by the Canadian Federal Government in the next year or two.
Be sure to enter this month’s giveaway to Toronto Blue Jays tickets, review the monthly statistics and much more!
Alex, Elaine and Otto
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| | "TREB President Gurcharan (Garry) Bhaura announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through TREB's MLS® System in February 2019. This sales total was down by 2.4 per cent on a year-over-year basis. Sales were also down compared to January 2019 following preliminary seasonal adjustment." |
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| | | | | | Federal budget 2019: What to know about the new CMHC mortgage incentive |
| | "Arguably the most talked-about measure of the Liberals’ latest federal budget is the First-Time Home Buyer Incentive.
Under the plan, the government would help some first-time buyers by advancing up to 10 per cent of the purchase price of a home so they can take out a smaller mortgage and keep monthly payments lower."
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| | "There's nothing that feels as fresh and satisfying like a little spring cleaning — and it can start whenever you've got five minutes and an urge to freshen up after a long winter inside." |
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ThinkTorontoHomes, Royal LePage Terrequity Platinum Realty
293 Eglinton Ave. East, Toronto, Ontario M4P 1L3 Canada www.thinktorontohomes.com | info@thinktorontohomes.com |
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