Following the announcement of the First-Time Home Buyer Incentive in Budget 2019, the Government of Canada has just released additional details about the incentive, including eligibility requirements and how the program will be implemented.
About the incentive
This incentive aims to help first-time homebuyers without adding to their financial burdens, by reducing their monthly mortgage carrying costs. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage, may apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada.
Through the First-Time Home Buyer Incentive, the Government of Canada would offer 5% for a first-time buyer’s purchase of an existing home, or 5 or 10% for the purchase of a newly constructed home.
CMHC offers valuable tools and information to help consumers prepare when looking to buy a house or condominium in Canada.
Resources for Consumers – Homebuying Guides and Information
MORTGAGE LOAN INSURANCE