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An innovative federal program that makes it more affordable for young Canadians to buy their first home

Mirabel, Québec  - Canada Revenue Agency - Our Government strongly believes that all Canadians should have access to safe and affordable housing. That is why we are introducing an innovative tool under Canada’s first ever National Housing Strategy.
The Honourable Diane Lebouthillier, Minister of National Revenue, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for the Canada Mortgage and Housing Corporation (CMHC), announced in Mirabel a proposed measure to strengthen the National Housing Strategy by making it more affordable for young Canadians to buy their first home.
The proposed Budget 2019 measure will help families take their first steps toward home ownership through a new First-Time Home Buyer Incentive that would reduce the mortgage payments required for first-time home buyers looking to own a home.
Additionally, Budget 2019 would:
increase the Home Buyers’ Plan withdrawal limit from $25,000 to $35,000, providing first-time home buyers with greater access to their Registered Retirement Savings Plan savings to buy a home
expand the Rental Construction Financing initiative to increase the construction of rental units in communities across Canada
invite communities and other groups to propose initiatives that break down barriers limiting new housing through a new Housing Supply Challenge that aims to provide new resources to find new solutions to enhance housing supply and provide a platform to share these models with communities across Canada
Source : Government Of Canada

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