Chrystia Freeland, Deputy Prime Minister and Finance Minister, announced new housing affordability measures!

Dated: April 12 2024

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Chrystia Freeland, Deputy Prime Minister and Finance Minister, announced several housing affordability measures to aid first-time home buyers and current homeowners. These include:

  1. Increasing the RRSP withdrawal limit for first-time home buyers from $35,000 to $60,000, effective April 16.
  2. Combining the Tax-Free First Home Savings Account with RRSP withdrawals for enhanced savings options.
  3. Extending the repayment period for RRSP withdrawals for home purchases from two years to five years.
  4. Providing a 30-year amortization period for insured mortgages on newly-built homes, starting August 1.
  5. Requiring lenders to contact borrowers up to 24 months before mortgage renewal to discuss options.
  6. Making temporary extensions on the mortgage amortization period permanent, without extra fees or penalties, based on homeowners' circumstances.
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Antonella Monte

In a dynamic and competitive real estate industry, my multifaceted background and linguistic prowess become a compelling asset. With a solid foundation in the service sector, construction, and interio....

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