Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

What does the new bipartisan housing bill do?

Canada's Parliament does not use the term bipartisan; that describes the two-party structure of the United States Congress, not Canada's multi-party House of Commons, so a bill described that way is almost certainly American and does not apply to a Saskatoon sale or purchase.

The federal tools that do apply here move through the annual budget rather than a single named bill: the First Home Savings Account, which allows $8,000 a year to a $40,000 lifetime limit, and the Home Buyers' Plan, which lets a buyer withdraw up to $60,000 from an RRSP, are both administered through the Canada Revenue Agency.

Mortgage lending rules, including CMHC's minimum credit score of 600 on an insured mortgage and the minimum down payment tiers, come from federal financial regulation, and provincial and municipal rules layer on top through bodies like the City of Saskatoon, not through a single piece of legislation with a nickname.

Whatever a headline is describing, it is worth checking whether it is a Canadian program before assuming it changes anything for a Saskatoon transaction. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

Still have a question?

Ask Joel directly. No form, no obligation, and a real answer even when the answer is that now is not the time to sell.