The First-Time Home Buyer Incentive is a program offered by the Government of Canada to help first-time homebuyers with their down payment. Under this program, eligible buyers can apply for a shared equity mortgage with the government. The government contributes a percentage of the home’s purchase price, reducing the amount of the down payment required. The shared equity mortgage must be repaid when the property is sold or after a specified period.
If you are considering this program, it is advisable to consult with a mortgage professional who can provide guidance based on your specific needs and financial situation. They can help you evaluate the feasibility of the incentive and explore alternative financing options if necessary.
