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Claire Barrett

Claire moved to Ontario from Montreal when she attended Western University for her degree in Economics and Geography...

Claire moved to Ontario from Montreal when she attended Western University for her degree in Economics and Geography...

Sep 8 3 minutes read


  • Starts September 2, 2019, with the first closing on November 1, 2019.
  • For the purchase of an existing home, an incentive amount of five percent may be available.
  • For the purchase of a newly constructed home, an incentive amount of five percent or 10 percent may be available.
  • This is a shared equity mortgage with the Government of Canada.


  • The property must be located in Canada and must be suitable and available for full-time, year-round occupancy.
  • Eligible for Canadian citizens, permanent residents, and non-permanent residents who are legally authorized to work in Canada.
  • Available to first-time homebuyers with qualified annual household incomes up to $120,000.
  • The above-listed income (up to $120,000) is subject to qualifying income requirements set out by lenders and mortgage loan insurers.
  • At least one borrower must be a first-time homebuyer. ? The minimum down payment must come from traditional down payment sources.
  • A participant's insured mortgage and the incentive amount cannot be greater than four times the participant's qualified annual household income.


  • No on-going repayments are required.
  • The incentive is not interest bearing.
  • The borrower can repay the Incentive at any time without a pre-payment penalty.
  • Refinancing of the first mortgage will not trigger repayment.
  • The Incentive is a second mortgage on the title of the property.
  • The first mortgage must be greater than 80 percent of the value of the property and is subject to a mortgage loan insurance premium.
  • At the present time, the buyer must repay the incentive after 25 years or if the property is sold - whatever comes first.
  • The repayment of the Incentive is based on the property’s fair market value.
  • If your property value goes down, you are still responsible for repaying the shared equity mortgage based on the current home value at the time of repayment.

For more information, please visit the Government of Canada website at rst-time-homebuyer-incentive.cfm.

And to sign up for updates about the First-Time Home Buyer Incentive as they become available, please visit rst-time-home-buyer-incentive.

Get your copy of the home buyer's incentive HERE

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