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In 2020, the Government of Canada created a new program to help Canadians purchase their first home called the First-Time Home Buyer Incentive.
This program lends you 5% of the value of the home you are purchasing (10% if you’re building a home) towards your down payment.
So if you put 5% down payment on your new home plus the First Time Home Buyer Incentive of 5%, your total down payment would be 10%. With a higher down payment, your mortgage payments will be lower.
When you sell your home, or after 25 years, whichever comes first, you pay back that same percentage of your home’s selling price.
Who qualifies?
You qualify as a first-time home buyer if you meet any of the following conditions:
Here is the criteria to determine if you’re eligible to participate in the program:
Is it Right for Me?
The decision to take advantage of the First-Time Home Buyer Incentive is a personal one. This program can help you buy your first home sooner and lower your mortgage payments, allowing you to put more money away into your savings or towards repaying other debt.
However, it is important to keep in mind that when you sell your home, you will be required to repay a percentage of your home’s value.
A Cambrian Personal Banking Advisor can help you decide whether taking advantage of this program is right for you. Contact your local branch to make an appointment with an advisor.
Learn more about the First-Time Home Buyer Incentive. Calculate what you can afford in just 2 minutes with our Mortgage Affordability Calculator.
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