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    • Do You Qualify For a 5%-10% Home Buyer Incentive From The Canadian Government?

    Do You Qualify For a 5%-10% Home Buyer Incentive From The Canadian Government?

    First Time Home Buyer

    The First-Time Home Buyer Incentive can help you purchase your first home. This incentive aims to help first-time homebuyers without adding to their financial burdens. There are no additional monthly payments. Participants must meet a minimum insured mortgage down payment requirements.

    With this incentive, the Government of Canada provides:

    • 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 is available to first-time homebuyers with qualified annual incomes of $120,000 or less. A participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual income.

    Here’s an example.

    Anita wants to buy a new home for $400,000.
    Under the First-Time Home Buyer Incentive, Anita can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) from the Government of Canada. This lowers the amount she needs to borrow and reduces her monthly expenses.
    As a result, Anita’s mortgage is $228 less a month or $2,736 a year.

    The First-Time Home Buyer Incentive Details Page

     

    As Realtors, How We Help First Time Buyers!

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    Ty Lacroix

    Founder & Owner & Broker of Record of Sutton Group Envelope Real Estate Inc, That's all I can say about me! You see, this is about you, not me; you do not want to hear blah blah stuff about awards, designations or that we walk older people across the street, the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; you see, success leaves clues!

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