It’s not often you hear us say we are excited about budgets. However, the 2019 Federal budget is very exciting for real estate in Toronto and the GTA, for two main reasons:
- Home Buyers’ Plan (HBP)
This plan allows you to borrow from yourself. In the past, you could borrow up to $25,000 in a calendar year from your RRSP to buy or build a qualifying home. This has now been bumped up to $35,000. Far more realistic for today’s market!
- CMHC First-Time Home Buyer’s Incentive
With this incentive, you can obtain funding for between 5-10% of the purchase price of the home. No ongoing monthly payments (ie: you pay back at the time of re-sale), which helps lower your monthly mortgage expense.
This news is very welcome indeed for real estate in this country. First-time home buyers now have an extra bit of help getting into the market. Buying your first home can be both exciting and a bit daunting, but with this positive news, and coupled with other incentive programs, buying your first home need not be out of reach. While property values continue to increase, don’t wait to get into the market. Start now, start small, and stay patient.
Interested in buying real estate in Toronto & the GTA, or perhaps investing in Toronto real estate? First time home buyer? Moving to Toronto? Are you part of a Toronto relocation with your employer? Our real estate sister company – MAC Real Estate Services Inc., Brokerage – can help you with all steps of the process, from finding a new home, temporary accommodations in the meantime, destination services, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to Toronto, we can help with all aspects of the relocation.
We’d love to hear from you, so call us today to book your complimentary private consultation.
Once you are all settled into your new home, let us help you with a relaxing Caribbean get-away with a private luxury villa rental in St Martin/ St Maarten, St Barth’s or Anguilla. Caribbean villa rentals are a cost-effective way to travel. Ask us how!