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The First-Time Home Buyer Incentive was created to help buyers more easily afford their first home. However, there’s a lot to consider before applying.
Editor’s note: The federal government’s First-Time Home Buyer Incentive was discontinued in March 2024. The deadline for new and updated submissions to the program is March 21, 2024 (midnight ET).
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? Who’s it for? And is it always a good option for buyers?
Through the First-Time Home Buyer Incentive, the government contributes to a home’s down payment, reducing the amount needed for a mortgage and making it easier for buyers to manage their mortgage payments. However, the incentive is limited to a subset of buyers, and eligibility criteria can vary, depending on where you live. What’s more, the interest-free loan must eventually be paid back—potentially at a premium. So you’ll want to do your research before applying for the incentive. Learn more by tapping the video to watch.
Watch: What is the First-Time Home Buyer Incentive
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