The First Time Home Buyer Incentive and what it means to you

The program was designed by the government of Canada to help first time home buyers purchase their first home.


In a nutshell, the Government will lend you 5% or 10% of the purchase price of your home (10% applies to new construction). When you sell your home, or after 25 years, you are required to pay the same percentage back (either 5% or 10%), based on the value of the home at that time.


Example:

            You receive a 5% incentive ($20,000) on a $400,000 purchase price

            If your home increases to $500,000, you will need to pay back 5%, ($25,000)

            If your home decreases to $350,000, you will need to pay back 5%, ($17,500)


The Benefits:

            Gives you more buying power

            Allows you to buy now rather than later 

            Lowers monthly expenses due to a smaller mortgage 

            Makes home ownership more affordable


Many families have found the program a viable entry into home ownership. Take the time to review the incentive and see if it may be worth pursuing.


Link to Government of Canada First-Time Home Buyer Incentive

https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive

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