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First-Time Home Buyer Incentive

September 4, 2019 | Builder, New Homes, Parade of Homes | 0 comments

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

This initiative is designed to help young Canadians access home ownership in a fiscally responsible and affordable way. Statistically this is the demographic group with the lowest percentage of homeownership. 

There are a few qualifiers to apply for this incentive:

  • you need to have the minimum down payment to be eligible
  • your maximum qualifying income is no more than $120,000
  • your total borrowing is limited to 4 times the qualifying income 

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.

Want to learn more about buying your first home?

Ask a BILD Lethbridge Builder Member or online at

https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive

Myths and FAQs on Affordability

There is a lot of information about housing affordability out there, and not all of it is accurate. We’ve compiled the most common myths and answered frequently asked questions. Myth: If house prices fall, it means affordability...

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