Mar
27

Budget 2019: First-Time Home Buyer Incentive, part 2

Budget 2019:  First-Time Home Buyer Incentive, part 2
The First-Time Home Buyer Incentive, as mentioned in part 1, is a shared equity mortgage that will allow eligible first-time home buyers to lower their borrowing costs by sharing the cost of buying a home with the CMHC. Here are more details. How will it work? Eligible first-time home buyers who have the minimum down payment for an insured mortgage would apply to finance a portion of their home purchase through a shared equity mortgage with the CMHC. CMHC will offer qualified home buyers a 10% shared equity mortgage for a newly constructed home or a 5% shared equity mortgage for...
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Mar
25

Budget 2019: First-Time Home Buyer Incentive, part 1

Budget 2019:  First-Time Home Buyer Incentive, part 1
Last week, the Federal Government tabled Budget 2019. One of the major proposals included in Budget 2019 is the new First-time Home Buyer Incentive. Here are more details: What is it? As mentioned in a previous blog, the First-Time Home Buyer Incentive is a shared equity mortgage that will give eligible first-time home buyers the ability to lower their borrowing costs by sharing the cost of buying a home with the Canada Mortgage and Housing Corporation (CMHC). This incentive will provide funding of 5 or 10 percent of the home purchase price. . Through the First-Time Home Buyer Incentive, the CMHC...
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Mar
21

Highlights of Budget 2019, part 2

Highlights of Budget 2019, part 2
Here are more highlights of the recently tabled Budget 2019: 1. National Pharmacare Plan: The Government is taking steps to help Canadians with the cost of prescription drugs by creating a new Canadian Drug Agency that will lower Canadian’s drug costs by as much as $3 billion per year, developing a national formulary for prescription drugs and a national strategy for high cost drugs for rare diseases. 2. Enhancement of the Guaranteed Income Supplement earnings exemption: The Government proposes to support low-income Canadian seniors who choose to stay in the workforce by enhancing the Guaranteed Income Supplement earnings exemption so they...
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Mar
19

Highlights of Budget 2019, part 1

Highlights of Budget 2019, part 1
Today, March 19th, 2019, the Federal Government tabled Budget 2019 – Investing in the Middle Class. Finance Minister Bill Morneau announced the following proposals included in Budget 2019: 1. First-Time Home Buyer Incentive: This is a shared equity mortgage program that will reduce the mortgage payments required to own a home. This program will give eligible first-time home buyers the ability to lower their borrowing costs by sharing the cost of buying a home with CMHC. The incentive will provide funding of 5 or 10 percent of the home purchase prices. This also includes greater access to the Registered Retirement Savings...
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