Written by Steven Crews, MyMortgageBroker.com
As of September 2, 2019, the federal government’s home buyer’s incentive has begun. I think that this is a fantastic program that every first-time home buyer should consider. Let’s see how it works.
What is the home buyer’s incentive?
The first-time home buyer’s incentive program is a government shared equity program run through CMHC where you receive money in the amount of 5% or 10% of your purchase price. The money you receive is given with no interest to pay. It’s set up as a 25-year term and repayment is required when you sell or at the end of the 25-year term, which ever comes first.