We have some fantastic news to share with you! The federal government has announced significant changes to support first-time homebuyers:

• Extended Amortization Periods: Starting August 1st, first-time homebuyers can enjoy 30-year amortization periods on insured mortgages, offering more flexibility in managing mortgage payments.
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• Increased RRSP Withdrawal Limit: The RRSP withdrawal limit for home purchases has been raised from $35,000 to $60,000, effective April 16th, providing greater financial support to buyers.
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• Extended Repayment Period: Individuals now have five years (up from two) to begin repaying withdrawals made between January 1, 2022, and December 31, 2025, easing the financial burden.

These changes reflect the government's commitment to addressing housing affordability challenges and making homeownership more accessible.

In addition, the introduction of First Home Savings Accounts (FHSAs) allows tax-free savings of up to $40,000 for home down payments.

We're excited about these developments and remain dedicated to assisting you throughout your homeownership journey. If you have any questions or need assistance with your mortgage needs, please reach out to us.