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21 Mar

Home Buyer Incentives announced in the Federal Budget. Mortgage Market update March 21, 2019

General

Publié par: Anne Martin

Anne Martin
Mortgage Agent #M1000225739 Collier St. #306
Barrie Ontario L4M 1G5
Phone: 705-791-6683 | Email: anne@ndlc.ca
http://www.barriemortgagelocators.com

MARKET UPDATE

Homebuyer Incentives
Federal Budget Proposed Changes

Two key first-time homebuyer incentives were tabled in the federal budget on March 19th. The first is a shared-equity mortgage plan and the second is an increase to the existing Home Buyers’ Plan.

Eligible homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchases through a shared-equity mortgage with Canada Mortgage and Housing Corporation (CMHC). Annual household income must be below $120,000, and the program is expected to begin this summer.

CMHC would offer a 10% shared-equity mortgage for a newly-constructed home or a 5% shared-equity mortgage for an existing home.

The Home Buyers’ Plan withdrawal limit will be increased from $25,000 to $35,000 (or from $50,000 to $70,000 per couple), providing first-time buyers with greater access to their Registered Retirement Savings Plan to buy a home.

Planning to buy your first home? Let’s discuss your options!


Best fixed rates are as low as *3.49 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.95%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.


Terms Bank Rates Our Rates
6 Month 3.34% 3.30%
1 YEAR 3.59% 3.49%
2 YEARS 3.74% 3.39%
3 YEARS 3.89% 3.44%
4 YEARS 3.94% 3.49%
5 YEARS 5.34% *3.49 – 3.69 %
7 YEARS 5.80% 3.89%
10 YEARS 6.10% 4.14%
Rates are subject to change without notice. *OAC E&OE

 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.