Budget & Housing Plan | Home Prices Expected to Climb in 2024 | New Rules for Short-Term Rentals | Rev Can to Confirm Income

by Diana Winger

I hope this message finds you well. I'm thrilled to share some fantastic news that will significantly impact first-time homebuyers across Canada. The federal government has recently announced several initiatives aimed at making homeownership more accessible for first-time buyers.

Starting August 1st, first-time homebuyers purchasing newly built homes will be eligible for 30-year amortization periods on insured mortgages. This extended period provides greater flexibility in managing mortgage payments, easing the financial burden for those embarking on their homeownership journey.

So Let's Break This Down...

Consider the following example:

● $750,000 purchase price for a new build
● Minimum down payment of $50,000
● 5 year fixed rate of 4.99%

Under the current rules with a 25 year amortization, your mortgage payment would be $4,230. With the new rules and a 30 year amortization, your mortgage payment would be $3,881. That's $349 in monthly savings!

This rule change will also provide eligible homebuyers with an additional 5% in purchasing power. For instance, on a $750,000 home purchase, the minimum household income requirement decreases from $179,062 to $169,689.

Contact Me if You Have Questions!

Have questions about these rule changes or want to discuss your options? Please reach out to me for personalized guidance - I'm here to help!

More information in the link below.

Budget 2024 housing highlights: capital gains inclusion rate on secondary homes rises to 66.7% (Canadian Mortgage Trends)

Housing starts down seven per cent in March from February: CMHC (Canadian Mortgage Trends)

New report suggests Canadian households are turning to 'creative solutions' to get into housing market (CTV News)

Does Budget 2024 make it easier to buy a first home in Canada? (Global News)

Solving shortage of construction workers key to housing growth: experts (The Hamilton Spectator)

Mortgage interest still driving inflation, as overall rate nudges up to 2.9% (CBC News)

Asking rent prices in March up 8.8% from year ago, but down from February: Urbanation (Canadian Mortgage Trends)

Some fixed mortgage rates are up despite hints of Bank of Canada cuts. Why? (Global News)

Sky-high mortgage rates aren’t just crushing homebuyers: Nearly 8 in 10 sellers regret missing the hottest market in decades, survey shows (Yahoo! Finance)

The dirty secret of the housing crisis? Homeowners like high prices (Radio Canada)

Feds commit to exploring CRA income verification in budget 2024 to address mortgage fraud (Canadian Mortgage Trends). The full announcement can be found here.

Home prices expected to climb 4.9% in 2024 as sales rise last month: CREA (Canadian Mortgage Trends)

Toronto Star - A Toronto condo sat on the market for months — then the seller tried open bidding. It sold in just over a week

CBC News – Do Ottawa's proposed capital gains tax changes affect inherited properties?

Financial Post – Canada's budget 2024: Housing strategy could inflict short-term pain, say industry watchers

Financial Post – Canadians boosting down payments with family money to enter housing market

Financial Post – Pain of Canadians' mortgage payment shock is not over — not by a long shot

Financial Post – Ottawa hikes capital gains tax to raise billions for housing

Globe and Mail – RBC economist Robert Hogue on where housing prices are heading - and why affordability won’t make a quick return

Fixed mortgage rates are rising. What’s the deal? (Canadian Mortgage Trends)
Fraud Hitting Canadian Auto and Mortgage Sector (Morning Star)

Times Colonist - Saanich property taxes to go up 7.91% as council approves budget

You’ll need to earn more than $230,000 if you want to buy a home in Vancouver (City News)

How are British Columbians affected by the federal budget’s housing focus? (City News)

Times Colonist - Short-term rental owners fighting against province and City of Victoria

Times Colonist - Landowner asks Central Saanich to reconsider expropriation of land

Times Colonist - $12.9M for rural infrastructure projects on Vancouver Island

Vancouver Sun – Tofino, Pemberton among communities opting in to B.C.'s new short-term rental restrictions

CBC B.C. – 19,000 homes are permanently listed as short-term rentals, B.C. government says

Victoria Times Colonist – New housing units move forward in Saanich, including six-storey rental building

Victoria Times Colonist – Roadside produce stands, pop-up farm markets get green light in Saanich

Victoria Times Colonist – Eby warns investors that rules limiting short-term rentals come into effect May 1

CBC B.C. – B.C. communities stretch provincial funds to guard against climate-related emergencies

Victoria Times Colonist – Victoria moves toward banning sheltering in two more parks

Thousands of short-term rentals in B.C. go back to long-term May 1: B.C. government (City News)

$9.3M Whistler condo sale breaks real estate record, company says (CTV News)

Fitness Progress Video 2024

Check out this video I took last week from 7th heaven on Blackhomb

"Success is not final, failure is not fatal: It is the courage to continue that counts." – Winston Churchill

We are ready to help you achieve your real estate and mortgage goals. Don't hesitate to contact me for personalized assistance and expert advice.

Have a great weekend!

d

Diana Winger Personal Real Estate Corporation
eXp Realty | CNE, SRS, SRES, ABR
Mortgage Agent Level 1 Valko Financial LTD #13047
Dominion Lending Centres
WingerRealEstate.com | SearchBestMortgages.com
(250) 588-8839 (226) 705-3369
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Diana Winger

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+1(226) 705-3369