Key Real Estate Updates from the 2024 Federal Budget

Deputy Prime Minister Chrystia Freeland recently announced the 2024 Federal Budget, which includes important changes to help people buy homes more easily and to increase rental housing options. Here’s a simple breakdown of what’s new:

Bigger Withdrawals for Home Buyers

The government plans to increase the amount of money people can take out from their retirement savings to buy their first home or a home for someone with a disability. This means individuals can withdraw up to $60,000 from their Registered Retirement Savings Plans (RRSPs), up from the previous limit of $35,000. For couples, this means they can use up to $120,000 together. This change is designed to make it easier for you to afford a home.

How I Can Help as Your Realtor

As your realtor, I’m here to help you make sense of these changes and find the right home within your new budget. If you’re buying a home for the first time, I can show you how to use the increased Home Buyers' Plan limit to your advantage. I’ll help you find properties that fit what you can afford and meet your needs.

These updates from the 2024 Federal Budget are great news for anyone looking to buy a home. With the new rules, and a little help from your realtor, getting into the housing market might be easier than you think. Let’s find the perfect home for you together!

For full details on the 2024 Federal Budget, see the link below:

Table of contents | Budget 2024 (canada.ca)