Changes for first time home buyers in Toronto

Friday Dec 11th, 2020



𝘈𝘛𝘛𝘌𝘕𝘛𝘐𝘖𝘕 𝘍𝘪𝘳𝘴𝘵 𝘛𝘪𝘮𝘦 𝘏𝘰𝘮𝘦 𝘉𝘶𝘺𝘦𝘳𝘴!!

▶️Come spring 2021 the government is expanding the first time home buyers incentive to enhance eligibility in Toronto
▶️It will allow eligible buyers to purchase a home up to 4.5 times thier household income (previously 4)
▶️Buyers threshold income being raised to $150,000 from $120,000
▶️With a minimum down payment this will now increase the maximum house price from $505,000 to $722,000

Much needed since the home prices in Toronto have steadily been rising. However, with increased amounts for first time home buyers one could argue that market will be driven up even more!!

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