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.
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.
This incentive is scheduled to launch on September 2, 2019, with the first closing on November 1, 2019. Click on the link below for all of the Program Details, Eligibility and Requirements and buyer scenarios, and start planning now how you can take advantage of this opportunity for home ownership.