Making homeownership more affordable

The federal budget 2019 introduces a First-Time Home Buyer Incentive, a new program that will make it easier for more Canadians to buy their first home.

Under the new program, eligible first-time home buyers could share a part of the cost of buying a home with the Canada Mortgage and Housing Corporation (CMHC); it could reduce the size of their insured mortgage and lower monthly mortgage payments.

The program helps eligible Canadians with a household income under $120,000 per year afford to buy their first home. CMHC would offer qualified first-time home buyers a 10 per cent shared equity mortgage for a newly constructed home or a 5 per cent shared equity mortgage for an existing home.

Budget 2019 also proposes to increase the Home Buyers’ Plan withdrawal limit from $25,000 to $35,000, providing first-time home buyers with greater access to their Registered Retirement Savings Plan savings to buy a home.

Want to find out more?  Additional information about the First-Time Home Buyer Incentive will be released by CMHC later this year. Visit