Buying your first home is a huge milestone—and while it’s exciting, it also comes with a lot of questions. The good news? There are plenty of programs and perks available to help make the journey a little easier (and more affordable!) for first-time buyers.
Here’s what’s new and noteworthy:
1. 30-Year Amortization for New Builds
If you’re buying a new or pre-construction home, you’re now eligible for a 30-year amortization—a recent change designed to make homeownership more affordable. Spreading your mortgage over a longer term means lower monthly payments, which can give you more breathing room in your budget.
2. Increased CMHC Insurance Cap
Mortgage default insurance (through CMHC) now covers homes valued up to $1.5 million—up from the previous $1 million cap. This change helps more buyers qualify for insured mortgages with lower down payments.
3. Home Buyers’ Plan (HBP)
The federal government’s Home Buyers’ Plan allows you to withdraw up to $60,000 from your RRSP tax-free to put toward your first home.
Buying with a partner? You could combine withdrawals for a total of $120,000—a serious boost toward your down payment.
4. First Home Savings Account (FHSA)
The FHSA is a tax-free savings account specifically for first-time buyers. You can contribute up to $8,000 per year (to a lifetime max of $40,000)—and the money you earn inside the account isn’t taxed. Think of it as a turbocharged savings tool to get you into your first home faster.
Not Sure Where to Start? That’s Where I Come In.
These programs can make a big impact—but they can also be confusing. I’m here to help you understand what you qualify for, what makes the most sense for your situation, and how to move forward with confidence.
If you’re a first-time homebuyer and want to explore your options, let’s chat!
📩 Message me anytime to book a free consultation.
