May 2024 Foreclosure
  
May 2024 White Rock Detached
May 2024 West Vancouver Detached
May 2024 White Rock Attached
May 2024 Surrey Attached
May 2024 Tricities Detached
May 2024 Surrey Detached
May 2024 West Vancouver Attached
May 2024 Tricities Attached
May 2024 Vancouver Detached
May 2024 Vancouver Attached
May 2024 Richmond Detached
May 2024 Maple Ridge Attached
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May 2024 Maple Ridge Detached
May 2024 Mission Attached
May 2024 Mission Detached
May 2024 Richmond Attached
May 2024 North Van Detached
May 2024 Chilliwack Attached
May 2024 Burnaby Detached
May 2024 Langley Attached
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May 2024 Abbotsford Attached
May 2024 Burnaby Attached
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May 2024 Abbotsford Detached
Great News to First Time Home Buyers
The April 2024 Federal Budget includes measures to assist First Time Home Buyers (FTHB) in the expensive Canadian real estate market. One significant change allows buyers of new construction to amortize their mortgages for up to 30 years instead of the previous 25 years, provided they put down less than 20% of purchase price. This extension can reduce monthly payments which, ultimately means that buyers can qualify for slightly larger mortgage. This more will take effect on August 1, 2024.
Additionally, the budget increases the amount that the FTHB can withdraw from their RRSP for a home purchase from $35,000 to $60,000, allowing couples to use up to $120,000. This provision also extends the repayment start period to five years, giving borrowers more time to potentially increase their earnings before repayments begin. However, to offset these benefits, the gov't has raised the capital gains inclusion rate for selling a second home or investment property from 50% to 66.7%, affecting profits over $250,000.
For more info, please contact me at 604 783 9097.
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