First Time Home Buyers Incentive Program
The federal government has recently introduced an incentive program for first time home buyers (FTHB) in Canada. This new program is designed to help first time home buyers reduce their monthly mortgage carrying costs without adding to their financial burdens.
What does this mean for you? If you’re a first time home buyer, up to 10% of the purchase price of your home may be paid for by the government. This means that your monthly mortgage payments will decrease, leaving more money in your pocket.
Below is a chart to explain how the savings that that you will have should you purchase a pre-existing home through the program, assuming a purchase price of $400,000:
Below is a chart to explain how the savings that that you will have should you purchase a pre-new build home through the program, assuming a purchase price of $400,000:
Total savings were calculated by using the difference between insurance premium + Payment difference over 60 month term + Interest over the term. If you’d like to check how much you qualify for, click here.
Below are common FAQs associated with the program: