For Canadian first-time home buyers, there are a variety of mortgage options and government programs designed to help with the home buying process. As of December 15, 2024, there are several new rules for first-time home buyers in Canada, including:

  • Extended mortgage amortization period

    First-time home buyers can extend their mortgage amortization period to 30 years, regardless of whether they have an insured or uninsured mortgage. 

  • Increased maximum purchase price for insured mortgages

    The maximum purchase price for insured mortgages is now $1.5 million, up from $1 million. This increase can help lower the cost of down payments. 

  • Increased Home Buyers’ Plan (HBP) limit

    The HBP limit has increased from $35,000 to $60,000. This allows first-time home buyers to withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) to purchase or build a qualifying home. 

Other criteria for being considered a first-time home buyer include: 

    • Never purchasing a home before
    • Not occupying a home that the buyer or their current spouse or common-law partner owned in the last 4 years
    • Recently experiencing the breakdown of a marriage or common-law partnership