The First-Time Home Buyer Incentive program is an initiative created by the Government of Canada to assist with housing affordability. The program works as a second mortgage where the loan is interest and payment free and is repayable in 25 years, or when the property is sold.  

Here are some basic facts regarding the program:

  1. Your total household income must be less than $120k/year.
  2. The maximum mortgage amount will be $480,000.
  3. You must put in a minimum of 5% down and the government will lend you an additional 5% (10% on a brand new home).
  4. The loan will be interest free, but in exchange the government will get an equity stake in your property so they also get part of the increase in value. They will also absorb some of the loss if the property loses value. 
  5. The loan must be repaid in 25 years or if you sell the property before then.
  6. Applications will be accepted starting September 2nd.If you have questions about this new program or wish to apply, please contact me!

Here are some links to more detailed information on the program:

Eligibility Calculator

Product Highlight Sheet

Journey Map

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