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First-Time Home Buyers Incentive

First-Time Home Buyers Incentive

This month the federal government opened its First-Time Home Buyers Incentive program.

  1. The First-Time Home Buyer Incentive can help you purchase your first home.
  2. This incentive aims to help first-time homebuyers without adding to their financial burdens.
  3. There are no additional monthly payments.
  4. 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:

  1. you have never purchased a home before
  2. you’ve recently experienced a breakdown of a marriage or common-law partnership
  3. 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!

***

CONTACT A REALTOR®     |     SEARCH FEATURED PROPERTIES     |     HOMES FOR RENT

If you require specific information on property values please contact one of our REALTORS® or call (250) 751-1223.

Source: Government of Canada

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