First Time Home Buyer’s Incentive (FTHBI)

On September 2nd the Liberal introduced an incentive to help first-time homebuyers. The First Time Home Buyer’s Incentive (FTHBI) will reduce their monthly mortgage carrying costs without adding to their financial burden.

Eligible first-time home buyers can apply to finance 5 per cent or 10 per cent through a shared equity mortgage of their home purchase with the Government of Canada. The Incentive is not interest bearing and does not require ongoing repayments.   

Some of the criteria to qualify for this incentive are:

• an insured mortgage;
• a minimum down payment to be eligible;
• a maximum qualifying income is no more than $120,000;
• and a borrowing limit of up to 4 times the qualifying income.

Find out more at https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive