Some exciting news for First-Time home buyers, as Canada launches its First-Time Home Buyer Incentive Program.
First-time buyers with household incomes less than $120,000 a year could be able to save around $286 a month on a $500,000 house without increasing their down payments, according to Jean-Yves Duclos, Minister of Families, Children and Social Development
The plan kicked off on September 2nd, where the government of Canada is looking to further strengthen the growing middle-class and also slow down the rapidly growing housing prices.
This could be huge news for many young people or first-time home buyers, who have been struggling with the growing real estate market in Canada, either forcing them to move away from their hometowns, to smaller market towns for more affordable home.
According to the National Housing Strategy “The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. The Incentive is not interest bearing and does not require ongoing repayments. “
Through the First-Time Home Buyer Incentive, the Government of Canada will offer:
- 5% for a first-time buyer’s purchase of a re-sale home
- 5% or 10% for a first-time buyer’s purchase of a new construction“
Stay in touch with what is going on in the market! Check out our Hamilton Real Estate Market Trends Report – August 2019