The First-Time Home Buyers Incentive helps first-time homebuyers without adding to their financial burdens. There are no monthly payments and it is interest-free for five years.
The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment.
Through the First-Time Home Buyer Incentive, the Government of Canada will offer:
There are a few qualifiers to apply for this incentive:
If you meet these criteria, you can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. A shared equity mortgage is where the government shares in the upside and downside of the property value.
The First-Time Home Buyers Incentive is one of several measures that the Government of Canada is taking to make housing more affordable for Canadians.
If you are a first-time homebuyer, you may be eligible for the First-Time Home Buyers Incentive. Contact Cindy Janisch today to see if you are eligible for this incentive.