First-Time Home Buyers Incentive
This month the federal government opened its First-Time Home Buyers Incentive program.
- The First-Time Home Buyer Incentive can help you purchase your first home.
- This incentive aims to help first-time homebuyers without adding to their financial burdens.
- There are no additional monthly payments.
- Participants must meet minimum insured mortgage down payment requirements.
This program helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.
RE/MAX of Nanaimo REALTORS® pride themselves in helping you find the HOME that MOVES you! Now they can help first time home-buyers make their dreams of home ownership a reality.
Here’s an example.
Kyle wants to buy a new home for $400,000.
Under the First-Time Home Buyer Incentive, he can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) from the Government of Canada. This lowers the amount he needs to borrow and reduces his monthly expenses.
As a result, Kyle’s mortgage is $228 less a month or $2,736 a year.
Learn About the First-Time Home Buyer Incentive
You are considered a first-time homebuyer if you meet one of following qualifications:
- you have never purchased a home before
- you’ve recently experienced a breakdown of a marriage or common-law partnership
- in the last 4 years, you did not occupy a home that you or you current spouse or common-law partner owned
Determine Your Eligibility
Here is a snap shot of how this program can work for you.
- Try the self-assessment tool
- Contact a lender/mortgage professional for approval
- Contact your REALTOR® for more information and homes within your budget
- Review program requirements and ensure that this is for you.
Repayment
- Early payout options in full are available at any point in the duration of the 25 years.
- Learn more about fair market value and how this will help you calculate repayment.
- Calculate the fair market value of your home and multiply it by the percentage of the Incentive you received.
Print First Time Home Buyers Info HERE!
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If you require specific information on property values please contact one of our REALTORS® or call (250) 751-1223.
Source: Government of Canada
