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First Time Buyer Incentive 2019

First time buyer incentive and increase in RRSP withdrawal

Federal budget was released and with that came a new incentive for 1st time buyers. The program will not be rolled out until September so there are a lot of unknowns and thus I don’t know if this is good, bad or just alright. To qualify: – household income of less than $120,000 – you’ll need your own 5% down payment (standard to qualify for a mortgage) – the mortgage value cannot be more than 4 times your income How this loan is to be repaid is not solidified and is the biggest piece of this puzzle. RRSPs – you can now withdrawal up to $35,000 to put towards your down payment. Up from $25,000. Has to be repaid within 15 years. I like this one 👍🏼

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