New government mortgage rules are making homeownership more accessible for Canadians. Starting August 1, 2024, first-time homebuyers purchasing new builds can benefit from 30-year insured mortgage amortizations, which lower monthly payments. Additionally, as of December 15, 2024, the insured mortgage price cap will increase from $1 million to $1.5 million, enabling more buyers to qualify with smaller down payments.
At LUX Quality Homes, we’re excited about these changes because they open the door for more Canadians to achieve homeownership and invest in homes that truly reflect their style and needs.
But homeownership is just the start. Transforming your home to fit your lifestyle is where the magic really happens. Luckily, for homeowners in British Columbia—especially in Kelowna and the Okanagan—there are two key programs to help ease the cost of renovations: the Canada Greener Homes Loan and the Multigenerational Home Renovation Tax Credit (MHRTC).
Canada Greener Homes Loan
This interest-free loan helps you make energy-efficient upgrades, like installing new windows, improving insulation, or upgrading your heating system. With up to $40,000 in support, this program helps make your home more comfortable while reducing energy costs in the long run.
Multigenerational Home Renovation Tax Credit (MHRTC)
For families accommodating aging relatives, this refundable tax credit offers up to $50,000 to help create additional living space, such as a secondary suite. It’s an ideal solution for Okanagan families embracing multigenerational living.
Simplifying Renovation Financing
In addition to these programs, LUX Quality Homes has previously partnered with financial institutions to help clients secure loans for custom renovations. If you’re thinking of upgrading your home in Kelowna or the Okanagan, we can guide you through finding the best financing options to suit your needs.
Let’s Bring Your Renovation Dreams to Life
At LUX Quality Homes, we’re dedicated to helping you create the home of your dreams—whether you’re upgrading for energy efficiency or expanding to accommodate family. These new mortgage rules, tax credits, and financing options offer fantastic opportunities for homeowners to turn their renovation goals into reality.
Ready to get started or have questions about available programs and financing in BC? Contact us today, and let’s bring your vision to life.
