As of September 2nd 2019, Canadians interested in the First-Time Home Buyer Incentive can submit their applications for a shared equity mortgage with the Government of Canada.
The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage carrying costs by financing 5% of existing homes, and 10% for new construction, in an interest free loan, in exchange for equity stake in the property. This Incentive allows eligible first-time homebuyers, who have the required 5-15% minimum down payment, to apply for a shared equity mortgage with the Government of Canada under a couple guidelines:
Applicants must not have owned a house in the last four years (exceptions will be made for those who sold their home due to divorce and/or are currently in a second marriage/common law partnership with someone who qualifies as a first time home buyer more on that here)
Your combined annual income must be lower than $120,000 before taxes and deductions
What’s the catch?
The percentage of equity you pay back to the government will be either 5% or 10% of the value of your home on the date you pay back the loan, not on the date you took it. The amount of $$ you pay back will fluctuate based on how much your home increases, or decreases in value from the date of purchase, to the date the loan is repaid.
The loan must be paid back when you:
or Sell your home
or after 25 years
The maximum property value, covered under the program, is $565,000
This scenario qualifies to finance 5% for $25,000 from the first-time home buyer’s incentive.
Mortgage Savings $145.49 each month
How do you apply?
Your lender will get a statement from you that declairs that you are a first time home buyer and your solicitor will submit this, and additional paperwork to the Government. This may incur additional solicitor fees, please discuss this with your real estate lawyer
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