Have you heard about the New First Time Home Buyers Plan being released by the Federal Government? See below for link as well as details.
https://globalnews.ca/news/5393428/first-time-home-buyer-incentive-details/
High Points:
- Reduces the maximum amount a buyer can borrow
- available to first-time home buyers with household incomes of less than $120,000.
- The amount of the insured mortgage plus the CMHC incentive would be capped at four times the homebuyers’ annual incomes, or up to $480,000.
- The incentive is worth up to 5 per cent for the purchase of an existing home and up to 10 per cent for a new build.
- money must be paid back after 25 years or when the property is sold, whichever occurs first.
- The government will share in the upside or downside of any change in property value
- when the time comes for a property owner to pay back the incentive, the value of the incentive will be increased or decreased by the same percentage that the overall value of the property has risen or fallen.
Bob Rees