Here's When Some Help is Coming for First Time Homebuyers in Mississauga
With many homebuyers across Canada struggling to find affordable housing, the federal government is planning to ease that struggle with a new program called the First Time Home Buyers’ Incentive.
Starting September 2, 2019, the program will provide first-time buyers with interest-free mortgage loans of up to 10 per cent for new builds and 5 per cent for existing housing stock.
This will be done through the Canada Mortgage and Housing Corporation (CMHC).
According to Ralph Goodale, Minister of Public Safety & Emergency Preparedness, the program aims to provide real help for young Canadians and middle class families looking for a safe and affordable home.
The program will reportedly save first-time homebuyers up to $286 a month on their mortgage payments.
For example, if you wanted to buy a new home for $400,000, you could apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) from the federal government, lowering your monthly expenses and the amount you need to borrow.
In that case, your mortgage would be $228 less a month (or $2,736 a year).
Our government’s new First-Time Home Buyer Incentive will be available starting September 2nd - providing a real help for young Canadians and middle class families who want a safe and affordable place that they can be proud to call home. pic.twitter.com/gnrdOXS1nj— Ralph Goodale (@RalphGoodale) June 17, 2019
More information about the incentive is available here.
Are you planning to take advantage of this new incentive?
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