Welcome back!
The recent federal budget announcement has introduced several key changes aimed at addressing housing affordability and market stability. While these changes offer new opportunities and challenges, their effectiveness and long-term impact remain uncertain. In this episode we breakdown the major changes and their potential implications for homebuyers and investors.
Our discussion touches on:
New CMHC rules
The extension of the amortization period for insured mortgages from 25 to 30 years.
Increase in allowable RSP withdrawals for first-time homebuyers from $35,000 to $60,000 and requirements for repaying the withdrawals
Federal budget incentives focused on newly built homes
The monopolization of the housing market and the implications for smaller builders.
Increase in capital gains tax from 50% to 66% for profits over $250,000 and expected impact on investors and potential sell-off before the new tax takes effect
Alternatives for Canadian investors, including investing in US real estate
Increase in power of sales due to rising mortgage rates
New rule allowing tenants to report rent payments to credit bureaus
Assessing a real estate agent based on their Monopoly game performance
And more! Make sure to rate & review the podcast on all streaming platforms and subscribe to our YouTube channel! Send us a DM at @thebottomlinelma on Instagram to share your personal Bottom Line on the episode or if you have any questions regarding real estate!
