If you’ve heard about a new First Time Home Buyer Incentive and are wondering how it might impact you, look no further. Below, you will find all relevant information to date. As the government releases more updates, you can also expect to find it published here.

As part of the Government of Canada’s National Housing Strategy, here’s the best source for information on this new program: https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive.cfm

Here are some of the highlights.

  • The program launches September 2nd, 2019. First closing is for November 1, 2019
  • The mortgage amount cannot exceed four times your household income. Max income is $120k
  • A five per cent down payment / shared equity for re-sale (existing home) is available
  • A five per cent or 10 per cent down payment / shared equity for new construction is available
  • The incentive is repayable after 25 years, or when the property is sold (whichever is first)
  • If you have never owned a home, haven’t owned a home for four years, or have recently experienced a marital breakdown, you may be eligible for the incentive
  • Mobile and manufactured homes are eligible for this program
  • You will still need a minimum of a five per cent down payment from your own source (no borrowed funds)
  • The incentive will register as a second charge on your title

If you have any questions about this program and how it might impact you as you qualify for a mortgage, please contact me anytime!