This week, the Minister of Finance, Chrystia Freeland, announced that the 2024 budget will include revisions to Canada’s mortgage charter aimed at simplifying access to homeownership.
As of August 1, the Canadian government will allow 30-year amortization periods for insured mortgages for first-time homebuyers purchasing newly built homes. This five-year extension of the amortization period will give new buyers the opportunity to manage more affordable monthly mortgage payments, while also helping to increase housing supply.
Ms. Freeland also announced that it will be possible to withdraw up to $60,000 from a Registered Retirement Savings Plan (RRSP) under the Home Buyers’ Plan (HBP) if saving for a down payment on a first home. This measure will take effect on April 16, the day the federal budget is scheduled to be released.
For more details, please refer to the press release here!
It is essential to take a strategic approach when managing your mortgage, by choosing the most advantageous solution that fits your financial situation.
Contact a Multi-Prêts mortgage broker to obtain the best mortgage conditions and help ease the financial burden associated with your mortgage. Anticipate a possible rate decrease in 2024 by adjusting your strategy with your broker. With them by your side, you can navigate the real estate market with confidence.