Understanding the First-Time Home Buyer Incentive
🕛 1 minute read
The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.
NOTE: First-time homebuyers purchasing a home in the Toronto, Vancouver, or Victoria Census Metropolitan Areas are now eligible for an increased Qualifying Annual Income of $150,000 instead of $120,000, and an increased total borrowing amount of 4.5 instead of 4.0 times their qualifying income. Confirm if the home you are looking to buy is part of the Toronto, Vancouver or Victoria Census Metropolitan Area!
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Please note: The source of this article is from a placetocallhome.ca
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