13 Sep

First-Time Home Buyer Incentive


Posted by: David Lloyd

National Housing Strategy First-Time Home Buyer Incentive Program

Click for complete Program details

What is this program?

  • Government of Canada will match a buyers downpayment, reducing mortgage payment, mortgage amount and over all interest paid. 
  • It is a shared equity mortgage (“SEM”):
  • The government of Canada has a shared investment in the home and shares in both the upside and downside of the property value.
  • It is not interest-bearing, with no regular principal payments, and is repayable in full at anytime without a prepayment penalty.


Quick Facts

  1. Only one of the buyers has to be a first-time homebuyer
  2. Incentive amounts
    1. Existing home 5%
    2. New construction up to 10%
  3. No repayment required for 25 years or sale of property
  4. Applications start Sept 2, 2019
  5. For closings after Nov. 1, 2019
  6. For purchases with less than 20% (total) down payment
  7. Buyer(s) total income must not exceed $120,000 per annum
  8. The mortgage + Incentive amount cannot exceed 4 times the Buyer(s) total annual income.
    1. See National Housing Strategy website for more details and examples.
  9. For 1 - 4 unit owner-occupied purchases
  10. Purchase Plus Improvement mortgages are allowed


Any questions please contact me anytime.

Please visit the National Housing Strategy website for complete details