First-Time Home Buyer Incentive

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