The Federal Government announced that they will be making changes to the current First-Time Home Buyer Incentive program originally introduced in September of 2019. These updates are said to be coming Spring 2021.
With the current program, the parameters allow for a maximum purchase price of four times the borrower’s household income up to $120,000 on an insured mortgage. Once you factor in the mortgage insurance, this allows for a maximum purchase price of $505,000 (assuming the borrower(s) qualify).
With the updates come Spring 2021, the maximum in Vancouver (and potentially the Lower Mainland) will be increased to cap of four and half times the borrowers household income with an allowable maximum of $150,000 of the household income.
What does this mean for potential first-time buyers? In doing the calculations, this would allow a buyer to purchase to maximum of $722,000 – assuming they have the maximum allowable $150,000 of household income.
The core of the program remains the same: to help the borrower lower their monthly mortgage payment by receiving assistance with the down payment via a government incentive. This incentive is shared equity in the home and would have to be paid back upon a sale.
However, this is only for owner-occupied, insured purchase (less than 20% down).
As more updates and details are shared, we will keep you posted.
In the meantime, please reach out to us if you have any questions.
Check out this month's list of Current BC Multifamily properties ranging from less than $220,000 to more than $32,000,000. Properties from Vancouver to Vanderhoof, BC.
***Only continue reading if you are completed stumped!***
I have leaves, bark, roots, and a trunk!
This a type of transportation.
Hard as a ______.
Famous fast food chain.
Canada Post comes to empty me Monday to Friday usually near the end of the day.
These bins are often green and can be found behind apartment buildings.
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My grill marks leave a great impression on what I encounter.
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No need to make a fuss, this is where you catch the bus!
Eveyryone hollar because everything costs a dollar!
I often have grief because dogs use me for relief! I always shine brighter for a fire fighter!
Welcome to the Vancouver Passive Income Club's 2nd quarterly meeting!
Here are the links to the second passive investment mastermind. There were over 8 passive investment ideas presented to you from 8 awesome investors. Lots of good content here. Check it out!
Click here to view the recorded meeting: http://ow.ly/xYSk50A6Ehz
Click here to access the PDF: http://ow.ly/mQ4x50A6Dza