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Exciting Changes for First-Time Homebuyers in Canada


Starting August 1, 2024, exciting changes coming to the Canadian real estate market that will benefit first-time homebuyers.

One of the most significant changes is the extension of mortgage amortization length from 25 to 30 years for those purchasing new build properties below $1 million with a down payment below 20%. This adjustment is designed to make homeownership more accessible and affordable, especially for individuals managing debt.

What does this mean for new buyers?

  • This change essentially means that clients can qualify for larger loans, with some estimates suggesting an increase of 4.5 to 5 times their annual household income.
  • It increases affordability by spreading out payments over a longer period.
  • This allows Canadians to enter the housing market without being burdened by high monthly payments.
  • The extended amortization period provides more flexibility and breathing room for homeowners to manage their finances effectively.

But that’s not all! Another exciting update is the increase in the First Time Home Buyers RRSP Withdrawal limit from $35,000 to $60,000. This enhancement offers first-time buyers a substantial financial boost when purchasing their first home, enabling them to access more funds towards their down payment and closing costs.

These adjustments, although targeted at first-time buyers, ripple positively across the industry. They not only empower individuals to enter the housing market but also serve as a catalyst for builders to develop more homes.

This dual impact fosters a more inclusive market while igniting growth in Canada’s real estate sector. It’s a win-win that propels both aspiring homeowners and the industry towards a brighter future.

Want to learn more? Contact a member of our sales team today to schedule a consultation and discover how these exciting developments can work in your favour. Contact us.

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