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