The federal government has announced that they will be offering some relief to first time home buyers of new construction. The announcement had been made earlier this year and is expected to be in effect for August 1, 2024. With the rising cost for homes and inflation in the market, the new rules for eligible buyers would allow them to stretch their amortization to 30 years (previously maxed out at 25) on a new construction build.
What does this mean for you? An extra five years to pay off your mortgage, resulting in lower monthly payments and more financial flexibility. This initiative aims to help young Canadians and first-time home buyers achieve their dream of homeownership more easily.
Eligibility will vary depending on several factors and it’s important to speak to a mortgage specialist to find out if it’s a good fit for you.
Stay tuned for updates from the federal government on their release of this exciting opportunity and connect with one of our Sales Consultants today about how you can purchase today and get approved once the new rules are in effect!
Don't miss out on this fantastic opportunity to make your homeownership dreams a reality!
Read more about the release and eligibility requirements here.
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