Loading...

Selected

    When would you like to visit...

    Complete the form below:
    Schedule a showing (optional):
    ’

    Bev MacLean

    Broker, SRES®, CSP®

    Re/Max Realty Specialists Inc., Brokerage

    The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens.


    The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada. It offers:


    • 5% or 10% for a first-time buyer’s purchase of a newly constructed home
    • 5% for a first-time buyer’s purchase of a resale (existing) home
    • 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home

    The Incentive’s shared-equity mortgage is one where the government has a shared investment in the home. As a result, the government shares in both the upside and downside of the property value.


    By obtaining the Incentive, the borrower may not have to save as much of a down payment to be able to afford the payments associated with the mortgage. The effect of the larger down payment is a smaller mortgage, and, ultimately, lower monthly costs.


    The homebuyer will have to repay the Incentive based on the property’s fair market value at the time of repayment. If a homebuyer received a 5% Incentive, they would repay 5% of the home’s value at repayment. If a homebuyer received a 10% Incentive, they would repay 10% of the home’s value at repayment. View complete Info

    Find Your First Home!

    • Buy
    • Rent
    + Advanced Search
    reset filter