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How the 2019 federal budget will affect Millennials
In the 2019 Federal Budget, the Canadian government announced changes to make home ownership easier for millennials.
The interest rate charged on Student Loans and the Canadian Apprentice loan was reduce from prime to 2.50%.
Graduates will now have no interest accruing on their loans during the 6 months grace period after they leave school.
The RRSP home buyers plan withdrawal amount for first time home buyers has been increased from $25,000.00 to $35,000.00, and
For households with income less than $120,000.00, the Canadian Housing and Mortgage Corporation (CMHC) will administer a shared equity program to pay the monthly payments of between five and 10% of their mortgage. This will help to lower out of pocket mortgage payments. Payments of 5% will be for the resale homes and the 10% co payment will be for newly constructed houses.
