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First Time Homebuyer Incentive Starting Sep 2, 2019Canada’s First-Time Home Buyer Incentive will help qualified first-time homebuyers purchase their first home as the incentive reduces their monthly mortgage payment, without increasing the amount that they must save for a down payment. The program will launch on September 2, 2019, with the first closing on November 1, 2019.
The incentive will allow eligible first-time homebuyers who have the minimum down payment for an insured mortgage with CMHC, Genworth or Canada Guaranty, to apply to finance a portion of their home purchase through a form of shared equity mortgage with the Government of Canada.
For the purchase of an existing home, an incentive amount of 5 percent may be available. For the purchase of a newly constructed home, an incentive amount of 5 percent or 10 percent may be available.
Doubling the incentive for purchasers of new homes encourages new housing supply.
No on-going repayments are required, the incentive is not interest bearing, and the borrower can repay the incentive at any time without a pre-payment penalty.
The government shares in the upside and downside of the change in the property value.
The buyer must repay the incentive after 25 years, or if the property is sold.
The incentive will be available to first-time homebuyers with qualified annual household incomes up to $120,000. At the same time, a participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual household income.
Per the table below, for a family buying a $500,000 home, this program could save them as much as $286 per month or more than $3,430 a year (note: for illustration purposes only, results subject to change depending upon amortization, interest rate, term, etc.)
First-Time Home Buyer IncentiveThe First-Time Home Buyer Incentive
helps qualified first-time home buyers
reduce their monthly mortgage carrying
costs without adding to their financial
burdens.The First-Time Home Buyer Incentive
launches September 2,2019*.
Contact the First-Time Home Buyer Incentive
information line at
1-877-884-2642.* The program will be ready to receive
Incentive applications on September 2,
2019 The first closing will take effect
on November 1, 2019.
To your success!1-416-409-7300 call/text
PS: Massive Opportunity to network with fellow Toronto Real Estate Investors every month.
You learn what others need, where their strengths and weaknesses are,
and how best to help them. In return, the income, benefit, and opportunities come back tenfold.
Join us at
First-Time Home Buyer IncentiveThe First-Time Home Buyer Incentive
helps qualified first-time home buyers
reduce their monthly mortgage carrying
costs without adding to their financial
burdens.The First-Time Home Buyer Incentive
launches September 2,2019*.
Contact the First-Time Home Buyer Incentive
information line at
1-877-884-2642.* The program will be ready to receive
Incentive applications on September 2,
2019 The first closing will take effect
on November 1, 2019.
To your success!1-416-409-7300 call/text
PS: Massive Opportunity to network with fellow Toronto Real Estate Investors every month.
You learn what others need, where their strengths and weaknesses are,
and how best to help them. In return, the income, benefit, and opportunities come back tenfold.
Join us at
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