In 2019, the federal government introduced the First-Time Home Buyer Incentive, a program designed to make homeownership more affordable. But how does it work? For who is it? And is it always a good option for buyers?
With the First Home Buying Incentive, the government contributes to a home’s down payment, reducing the amount needed for a mortgage and making it easier for buyers to settle their mortgage payments. However, the incentive is limited to a subset of buyers and eligibility criteria may vary depending on where you live. In addition, the interest-free loan must eventually be repaid, possibly at a premium. So you’ll want to do your research before applying for the bounty. Learn more by tapping the video to watch it.
Look: what is the incentive for the first-time home buyer?
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was original published at “https://www.moneysense.ca/spend/real-estate/mortgages/watch-what-is-the-first-time-home-buyer-incentive/”