03/20/2019
« The new First-Time Home Buyer Incentive, for those with an annual income of $120,000 or less, would provide an interest-free CMHC loan worth up to 5 per cent of the value of an existing property or 10 per cent of a new-construction home. The government says the $1.25 billion in financing would benefit about 100,000 Canadians over three years. Another $100 million in financing would be administered through third-party groups, including non-governmental organizations.
“That’s real help for people who want to own their own home. For young people. For families. For Canadians who need just that little extra help to make their dream of owning a home a reality,” Finance Minister Bill Morneau said in an advance copy of his budget speech. »
In their 2019 budget, the Liberals have unveiled a “shared equity” mortgage plan, including interest-free loans that would go towards increasing a buyer’s down payment. They are also raising the amount that people can borrow from their RRSPs to purchase a home, and boosting funds to spur const...
