Niro Mayuran- Mortgage Alliance The Guardian
80 Nashdene Rd, M1V 5E4 Toronto, ON, Canada

Wishing You And Your Family A Merry Christmas And Happy Holidays

Ref: CMHC First Time Homebuyer Incentive Program First-time homebuyers in three of Canada’s most expensive housing markets will soon have an easier time qualifying for the First-Time Home Buyer Incentive (FTHBI). The government’s recent Fall Economic Statement included changes that will ease eligibility criteria for first-time buyers in Toronto, Vancouver and Victoria. The changes were first announced in September 2019, but are now expected to come into effect in spring 2021,... the government said. Here’s an overview of the changes: First-time buyers will be able to purchase a home up to 4.5 times their household income vs. four times their income currently They can participate if their household income is $150,000 or less vs. $120,000 currently With a minimum down payment, the maximum purchase price that will qualify under the program rises to about $722,000 in those three markets vs. approx. $505,000 currently nationwide When these changes were first proposed over a year ago, the government said it would help an additional 20,000 Canadians benefit from the shared-equity program.

If you are thinking about buying your first home or moving up, now is the time! Bank of Canada Governor, Tiff Macklem made a statement informing Canadians that if you are thinking about making a large purchase you can be confident interest rates will stay low into 2023.

Happy Halloween

Renewing your mortgage is your chance to renegotiate everything relating to your mortgage with no penalties! It is important to get in touch and start conversations early so there is time to review your financial goals and determine if it makes more sense to switch your mortgage for a lower rate or even refinance to consolidate debt.

Happy Thanksgiving to our clients,friends and family