At Magnolia Group Realty, we’re committed to empowering you with the knowledge to make confident real estate decisions. This post highlights key government programs designed to assist Canadian homebuyers and homeowners, alongside useful resources like FAQs and checklists!

🏡 Featured Downloadables:

Home Buying Checklist

• Step-by-step guide to ensure you stay organized when applying for government programs, financing, and closing on your dream home.

Qualifying for Rebates Checklist

• Detailed breakdown of the documentation needed for the GST/HST Rebate, Home Buyers’ Plan, and land transfer tax refunds.

Secondary Suite Loan Planner

• Everything you need to know about qualifying for Canada’s Secondary Suite Loan Program and tips to budget for renovations.

📱 Social Media Visuals

We’ll create engaging infographics and short videos, highlighting:

• Quick steps to use the First Home Savings Account.

• Who qualifies for the Home Buyers’ Plan.

• Eye-catching graphs showing how the Secondary Suite Loan Program can help boost property value.

• Simple “Yes or No” eligibility flowcharts for key programs like the GST/HST New Housing Rebate.

At Magnolia Group Realty, we make homeownership simple, accessible, and tailored to your goals. Tap the link below to download our free resources or DM us to explore your options further!

📩 [Download Checklists Here]
💬 DM or comment with questions – we’re here to help!

#MagnoliaGroupRealty #HomeBuyingChecklist #FirstTimeBuyer #RealEstateTips

Magnolia Group Realty is excited to share recent updates from the Government of Canada on new mortgage guidance aimed at helping first-time buyers achieve their dreams of homeownership.

The federal government has announced that, starting August 1, 2024, lenders can offer 30-year amortizations for insured mortgages on newly constructed homes. This initiative makes monthly payments more affordable, giving younger Canadians an easier pathway to owning their first home. Read the full press release here.

Highlights of the Announcement

• Lower Monthly Payments for First-Time Buyers
  Extended amortizations by five years allow first-time homebuyers to enjoy more manageable monthly payments when purchasing a newly built home.

• Encouraging New Construction
  This measure not only supports new homeowners but also incentivizes the building of more homes, addressing housing supply shortages. Aligned with the Canadian Mortgage Charter These changes complement other government initiatives aimed at supporting generational fairness in the housing market and providing tailored mortgage relief.

Eligibility Requirements

Borrowers must meet the following criteria to qualify for a 30-year amortized mortgage:

1. First-Time Homebuyer Status:

   At least one borrower on the mortgage application must qualify as a first-time homebuyer. To meet this requirement, a borrower must satisfy one of the following:

   • They have never owned a home.
   • They have not occupied a home they or their spouse/common-law partner owned as their primary residence in the last 4 years.
   • They have recently experienced the breakdown of a marriage or common-law partnership (following CRA’s Home Buyers’ Plan criteria).

2. Purchase of a Newly Constructed Home:
   The property must be a newly built home that has not been previously occupied for residential purposes. This includes newly constructed condominiums with interim occupancy periods.

3. High-Ratio Mortgages Only:
   This measure applies exclusively to high-ratio mortgages (loans exceeding 80% of the home’s value) for owner-occupied properties. All other government-guaranteed mortgage insurance criteria remain in effect.

4. Effective Date:
   These new 30-year mortgages will be available for mortgage insurance applications submitted on or after August 1, 2024. Eligible buyers can expect lenders to roll out the offering on this date. Supporting Generational Fairness Building on the success of programs like the Tax-Free First Home Savings Account (FHSA), which has helped more than 750,000 Canadians save for a down payment, this measure is another step towards making homeownership attainable for young Canadians.

With Magnolia Group Realty, we’re here to help you understand and navigate these opportunities. From personalized advice to expert guidance on eligibility, we’ll ensure you take full advantage of every available program.

Contact us today to learn more about how this program and other initiatives can help you achieve your homeownership goals.

#MagnoliaGroupRealty #FirstTimeBuyer #30YearMortgage #RealEstateNews

Helping Canadians Achieve Homeownership

In light of recent developments, we’re pleased to provide an update on the Government of Canada’s new mortgage reforms. These changes are aimed at making mortgages more affordable and homeownership more attainable. As announced on September 16, 2024, a range of reforms will take effect to address current housing market realities and empower more Canadians to become homeowners.

Key Updates to Mortgage Rules

1. Increased Price Cap for Insured Mortgages

• Starting December 15, 2024, the price cap for insured mortgages will increase from $1 million to $1.5 million.

• This adjustment reflects today’s housing market realities and enables more Canadians to qualify for mortgages with a down payment below 20%.

2. Expanded 30-Year Mortgage Amortizations

• Also effective December 15, 2024, eligibility for 30-year mortgage amortizations will be expanded:

  • Available to all first-time homebuyers.

  • Extended to all buyers of new builds, including condominiums.

• This reform reduces monthly mortgage payments, helping more Canadians unlock the door to homeownership.

3. Supporting New Housing Construction

• By incentivizing the purchase of new builds, these measures align with the government’s commitment to addressing the housing shortage.

• Building on Budget 2024, this initiative reinforces the push for increased housing construction while making homeownership more affordable for young Canadians and growing families.

At Magnolia Group Realty, we’re committed to keeping you informed about the latest opportunities in the real estate market. Whether you’re a first-time buyer or planning to invest in a newly constructed home, these new rules present fresh possibilities.

Need personalized advice? Contact us to explore how these reforms can work for you!

#MagnoliaGroupRealty #MortgageUpdates #FirstTimeBuyer #Homeownership