With the CMHC First Time Buyer’s Incentive, your first home can be yours sooner than you think. Through this incentive, the Government of Canada will reduce your monthly mortgage payments without increasing your down payment. And with no interest or ongoing repayments, homeownership can become a reality while still enjoying the lifestyle you’ve grown to love.
The total amount of funding will be $1.25 billion over 3 years.
A first time home buyer that is either a Canadian citizen, permanent resident or non-permanent resident that is legally authorized to work in Canada with a maximum qualifying income of $120,000