First Time Home Buyer Incentive

This year on September 2nd the first-time buyer incentive will be available.  It is a program designed to reduce mortgage payments for qualifying first-time buyers with a minimum 5% down payment required for a fully insured mortgage.  This is achieved by sharing in the equity of your home.  Canada Mortgage and Housing Corporation (CMHC) will provide you with 5% of the cost of an existing home, or 10% of a new home. 

This does not have to be paid back until you sell the property and there is no interest charged!  Of course no great deal is without some fine details, so please take note of the following:    

1.  If your household income is more than $120,000, you are not eligible for this incentive.    
2. Your total borrowed amount (including the CMHC equity incentive) must not be more than 4  times your household income.

 An example scenario would be if your household income is $120,000, the maximum purchase price would be approximately $505,000 with 5% down and $565,000 with a 15% downpayment.

*You are required to pay the incentive back when you sell the home or after 25 years and the repayment amount is based on fair market value.

To help you secure the best possible rates and terms. Contact us today at 1-416-822-5886. 

Don’t just dream about home ownership! Let us help you make this dream come true!

CLICK FOR FREE CONSULTATION