We are in the midst of the Election season in Canada. While every party brings in new promises with their platform, I will keep you informed of any of their announcements that may affect your Real Estate plans, hopefully positively.
Considering ever-increasing housing prices, the Liberal Party of Canada today announced an ambitious plan to help homebuyers, especially the young first-time homebuyers.
It calls the program “A home for everyone”.
According to the announcement, the renters could see a gamechanger with the government-backed Rent-To-own plan.
- The Liberal government is promising to commit a Billion dollars in the forms of loans and grants to private, not-for-profit, and co-op partners, paving the way for homeownership in five or fewer years.
- The new program will allow the young Canadians to save up to $40K and withdraw it tax-free towards the down payment of their first home. Moreover, unlike RRSPs, one does not have to repay ever.
- The program will double the first-time home-buyers tax credit to $10,000.
- It would reduce CMHC mortgage insurance by 25%, reducing the monthly mortgage payments.
- Another option offered for first-time homebuyers is a deferred mortgage loan as an alternative to the shared equity option, already offered by the Liberal government. For details on that offering please read my Blog-post at https://www.aqmuftirealty.com/node/1018158
- There are many more incentives announced by the Liberal Party of Canada to make home-buying easier than it is now. For further details, please go to the Liberal Party of Canada’s website at https://liberal.ca/our-plan/a-home-for-everyone-liberals-move-forward-with-a-new-housing-plan/
I am always available to discuss further and find the best solution for your requirements and situation whether you are planning to buy or sell or both to move to a bigger house or downsizing.
There is always a better solution a professional can provide, sometimes beyond your thoughts.
I will be glad to receive your call at your earliest convenience at 416-908-5600.
Take care of yourselves and follow the safety precautions defined by healthcare professionals.
Please pray for the safety of all and seeing an end to the COVID-19 pandemic soon.
#BeSafeAndHelpOthersBeSafe
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A. Q. Mufti
Your Trusted Realtor in Mississauga, Oakville, Milton and beyond.
