Are you a first-time homebuyer concerned about rising inflation? It's understandable to have some reservations, but rest assured that there are still plenty of reasons why buying your first home is a great idea, even during inflationary times.

Firstly, Canada's housing market has historically been stable and resilient, even during economic downturns. This means that homeownership remains a reliable investment in the long run, and you can feel confident in your decision to buy a home.

Secondly, the Canadian government offers programs and incentives to help first-time homebuyers get into the market, such as the First-Time Home Buyer Incentive and the Home Buyers' Plan. These programs can help you get a foot in the door and make homeownership more accessible and affordable.

Additionally, as inflation drives up the cost of living, owning a home can provide a sense of stability and predictability in your monthly expenses. Unlike renting, where landlords may increase your rent at any time, owning your home means that your monthly mortgage payment will remain the same for the duration of your mortgage term.

Finally, by owning a home, you can build equity and wealth over time, which can help you achieve your long-term financial goals.

As a mortgage broker, I can help you navigate the Canadian housing market and find the best possible mortgage deal for your unique financial situation., now could be the perfect time to take the leap into homeownership.

So if you're a first-time homebuyer, don't let rising inflation discourage you from achieving your dream of homeownership. Contact me today to schedule a consultation and start your journey towards owning your first home.

Expanded Mortgage Options Coming December 15, 2024!

December 13, 2024 @ 2:14 PM by:

Posted in First Time Home Buyers | Back to Main Blog Page

Starting December 15, 2024, banks and financial institutions across Canada are introducing new rules to make homeownership more accessible. Here’s what’s changing:

1. Extended Amortization Options

• Maximum 30-Year Amortization:
  Available for:

  • First-time homebuyers, OR

  • Buyers purchasing a newly built home.

• Owner-Occupied Requirement:
  The home must be lived in by the buyer or a family member on a rent-free basis.

Who Qualifies as a First-Time Homebuyer?

You’re considered a first-time buyer if:

• You’ve never owned a home before, OR

• You haven’t lived in a home owned by you, your spouse, or common-law partner in the last 4 years, OR

• You’ve gone through a recent separation or divorce.

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2. Higher Maximum Property Value for Insured Mortgages

The maximum purchase price for homes with high-ratio mortgage insurance (loans with a loan-to-value over 80%) is increasing from $999,999 to $1,499,999.

3. Down Payment Rules

• 5% down payment on the first $500,000 of the purchase price.

• 10% down payment on the portion of the purchase price between $500,000 and $1,499,999.

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Eligible Applications

These updates apply to:

• New mortgage applications submitted on or after December 15, 2024.

   

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If you’re planning to buy a home or want to understand how these changes can help you, I’d love to assist! As a mortgage broker, I can guide you through the process and find the best options for your needs.

Call me to get started!

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