First Time Home Buyer Incentive
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.