In 2019, the federal government introduced the First-Time Home Buyer Incentive, a program designed to make homeownership more affordable. But how does it work? Who’s it for? And is it always a good option for buyers?
Through the First-Time Home Buyer Incentive, the government contributes to a home’s down payment, reducing the amount needed for a mortgage and making it easier for buyers to manage their mortgage payments. However, the incentive is limited to a subset of buyers, and eligibility criteria can vary, depending on where you live. What’s more, the interest-free loan must eventually be paid back—potentially at a premium. So you’ll want to do your research before applying for the incentive. Learn more by tapping the video to watch.
Watch: What is the First-Time Home Buyer Incentive