Recent policies that may make home ownership more affordable for eligible newcomers to Canada

On April 11, 2024, Deputy Prime Minister/Finance Minister Chrystia Freeland announced several new housing affordability measures designed to help first-time buyers and current homeowners.

In light of the federal restrictions on foreign home buyers last year (more on that later), newcomers to Canada may be curious if they are eligible for any of the recently announced housing affordability measures.

This article outlines how policies implementing increased RRSP withdrawal limits and extended mortgage terms can benefit newcomers to Canada, making it easier to purchase their first home.

We also provide a clear guide on what these changes mean and discuss how newcomers, especially temporary residents such as international students and foreign workers, can pursue them.

Read more here.

Author: SurreyLIP