You may have always wanted to own a home but thought mortgage payments were unaffordable. You may have even wished for a little help. Fortunately, help has arrived in the form of a government incentive program. Here’s how it works.
With a minimum down payment, qualified first time homebuyers can reduce their mortgage carrying costs by applying for 5% or 10% of their home purchase to be financed by the Government of Canada. That’s right, the government will help you by paying for part of your down payment. The incentive is 5% for pre-owned homes and up to 10% for new construction. Best of all, you can repay the incentive at any time without interest!
Here’s an example.
Let’s say you buy a new townhome at The Park for $300,000. You can apply for up to $30,000 in shared equity mortgage – that’s up to 10% of the cost of the home (in addition to your own 5% down payment) and will reduce your mortgage payments by $151 a month or $1,812 a year. That’s a substantial savings, allowing you to focus on enjoying your new home without stressing over monthly mortgage payments.
When it comes time to sell your home and if the incentive hasn’t been repaid, you’ll pay a percentage of the property value increase. For example, if the home sells for $320,000, your 10% incentive payback will be $32,000.
This valuable program opens up so many wonderful opportunities for first time homebuyers. Finally your dream home could be within reach and you could be on track for a richer, more productive life.
Of course there are requirements and stipulations, here are some of the main points.
> Total qualifying income cannot exceed $120,000 a year.
> A minimum down payment is required.
Visit The Park sales centre, view the showhomes and talk with our friendly staff for further insight into the government’s program and the value of an Avalon townhome at The Park in Garden Heights.
Sales Centre: 13 Golden Crescent Hours: Monday – Wednesday: 12pm – 6pm | Friday, Weekends & Holidays: 12pm – 5pm Sales Inquiries: Call, text or email Kevin at 403-588-2392
