The Government of Canada just released changes coming to the 2019 budget, effective September 2019. The most notable being the First Time-Home Buyers Incentive through CMHC.
"The First-Time Home Buyer Incentive would include eligibility criteria to ensure that the program helps those with legitimate needs while ensuring that participants are able to afford the homes they purchase."
There is a lot to consider with these changes with one of the biggest for prospective First Time Home Buyers being that the funds available for the incentive are limited. What does this mean you ask? It means that, according to some lenders and mortgage brokers, that if you qualify for a mortgage under the current FTHB plan that it may not be in your best interest to wait until September to apply for the new incentive.
For more information regarding these changes please Contact Us Today, we are happy to help.