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First Time Home Buyers Incentive Program

First Time Home Buyers Incentive Program

Date Posted: August 4, 2020

The housing market is rebounding now that many Covid-19 restrictions are being lifted across country.  As a result, consumers who were sitting on the sidelines before Covid-19 have now entered a housing market with historically low interest rates, mortgage stress-test requirements, and a default insurer (CMHC) tightening their underwriting criteria.

However, there are still options available to help first time home buyers and one such option is the First Time Home Buyers Incentive Program.

The FTHBIP was launched in the Fall of 2019, but quickly fell of the radar for many people.  The program can help first time home buyers enter the housing market sooner than anticipated and also help lower their monthly costs.

The First Time Home Buyer Incentive Program is a shared-equity mortgage with the Government of Canada and offers:

  • 5% or 10% for a first-time buyer purchase of a newly constructed home
  • 5% for a first-time buyer purchase of a resale (existing home)
  • 5% for a first-time buyer purchase of a new or resale mobile/manufactured home

This is a great program for the right consumer.

To see if you qualify, click here:

Contact your Mortgage Broker today for more trusted advice