FAQ's

1

How does it work?
How does it work?

Through a shared equity mortgage, first time home buyers can apply to finance a portion of their home with the Government of Canada, reducing their mortgage payments without increasing their down payment.
2

How much funding from the government will be available?
How much funding from the government will be available?

The total amount of funding will be $1.25 billion over 3 years.
3

When does this program start?
When does this program start?

The program is expected to be launched on September 2^nd, 2019. Agreements written after September 2^nd with a possession no earlier than November 1^st, 2019 will be considered.
4

How does the buyer payback the money?
How does the buyer payback the money?

At any time, the buyer can repay the incentive without paying a pre-payment penalty. The buyer will have to repay the incentive before the home is sold or within 25 years.
5

Is the program offered only through the CMHC?
Is the program offered only through the CMHC?

The Government of Canada provides the incentive and the application approval are done by a financial institution facilitated by the CMHC
6

Who can apply for the CMHC First Time Buyer’s Incentive
Who can apply for the CMHC First Time Buyer’s Incentive

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

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FAQ's

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