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Calling all first-time home buyers. We guarantee you'll want to hear this...
While buying and owning a home can be daunting, the Government of Canada is working to introduce new solutions. This especially goes for first-time home buyers, helping younger Canadians become homeowners. August 1st, 2024 brings a new program introducing what could be a more attainable way of financing your first home.
So, with your first-time home purchase now looking more accessible, you may be wondering how, what and why, so let's break it down together.
Taking on a mortgage is a big step however with Canada's new mortgage program, it's more attainable. The Government of Canada has now introduced an extended mortgage timeframe for first-time home buyers. Starting August, 1st 2024, the 25-year maximum amortization period can now be extended to a 30-year amortization period.
The standard mortgage period up until this point has been 25 years. Now, with the addition of 5 years, you'll have the chance to extend your payments.
The good news? You'll be able to make smaller regular payments, making it more accessible on a month-by-month basis. With the option to pay less each month over a longer period of time, your current finances can go further.
As the affordability of financing a home has been a hot topic in the news, this new policy brings hope for home buyers, sellers, builders and developers.
It's an excellent incentive for first-time home buyers to buy new and for developers to increase their new builds, helping balance out the housing crisis.
A friendly reminder, a longer financing period means paying more interest. So while the upfront cost is less at the time, the cumulative sum will increase. While it's certainly a manageable solution to enter the housing market, it's something to keep in mind when weighing your options.
To be eligible for this newly introduced 30-year mortgage program...
For more details on eligibility, visit HERE.
All things considered, this new mortgage program makes for all the more reason to buy new! Take a look at some of our new home communities HERE and let us find you your perfect match.
If you're a first-time home buyer looking for more information, check out our first-time home buyer page HERE.
Contact your Kelowna Real Estate Pros at 250-258-9888 or contact@kelownarealestatepros.com for all of your first-time home-buying needs!
