We’re making home ownership more achievable for Calgarians by introducing the new First-Time Home Buyer Incentive.
Under the First-Time Home Buyer Incentive, you can finance a portion of your home through a shared equity mortgage with the Canada Mortgage and Housing Corporation (CMHC).
The shared portion for a newly built home is 10% (to help encourage construction and increase housing supply), and 5% for existing homes. No ongoing payments are required for the shared portion, which lowers your mortgage payments every month.
Currently, first-time home buyers can withdraw up to $25,000 from their Registered Retirement Savings Plan (RRSP) tax-free to purchase or build a home. To provide you with more flexibility and greater access to your RRSP savings, Budget 2019 will increase the withdrawal limit to $35,000.
The Incentive will help provide real help for young Canadians and families who want a safe and affordable place that they can be proud to call home.
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