The new federal First-Time Home Buyer Incentive (FTHBI) will officially come into effect as of September 2 this year.
Designed to alleviate mortgage costs for first-time home buyers, the FTHBI will provide shared equity loans of 5% toward the down payment of a resale home, and 5% or 10% for newly-built homes.
The idea is that by boosting the size of buyers’ down payments, the FTHBI whittles down monthly mortgage costs, offering some relief on the costs of home ownership.
But for potential homebuyers in places like Vancouver and Toronto, it will likely do little to help on the home-purchase front, as these markets are outside the qualification criteria.
So where and who does the the FTHBI apply to? How exactly does it work, and who exactly benefits?
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