Canadian Government Budget 2019/2020

The Minister of Finance Bill Morneau presented the 2019-2020 federal budget this afternoon. Key themes include growing the economy, implementing national pharmacare, investing in the middle class, and gender equality. To assist First Time Home Buyers, the budget includes the following: First-time home buyers Incentive: First-time home buyers whose household income is under $120,000 may qualify for an interest- free loan from Canada Mortgage and Housing Corporation of 10% for new homes and 5% for existing homes. This allows you to put more money down and borrow less for your mortgage. This will go into effect in September of 2019. Borrowers must have a down payment of at least 5% -- but les

Budgeting for Home Ownership

Budgeting for Home Ownership Smart budgeting is required when buying your home. Saving the down payment and crunching numbers helps determine how much mortgage you can afford. But the costs don’t just end there. Planning in advance ensures that financial surprises will not interfere with your home ownership plans. Be prepared for these additional costs. Deposit This is due when your Offer to Purchase has been accepted and is essentially a gesture of good faith between the buyer and the seller. Your deposit becomes part of your down payment if the deal proceeds. A minimum deposit is usually a small percentage of the purchase price. Home inspection Home buyers are usually counselled to add

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