First-Time Home Buyer Incentive: What You Need to Know

by | Sep 23, 2019

Originally Posted on Money Sense
By Tamar Satov
6 September 2019

The First-Time Home Buyer Incentive (FTHBI) promises to help make real estate more affordable, but there’s a big catch: It’s a loan you have to repay with a share in your home’s growth in value.

The federal government launched a new national program on September 2, 2019, that it says will help thousands of families across the country buy their first home. Aptly named, the FTHBI program offers eligible buyers up to 10% of a home’s purchase price to put toward their down payment, thus lowering mortgage carrying costs and making home ownership more affordable.

Read more: What you need to know about the Canadian First-Time Home Buyer Incentive by Tamar Satov, featuring Sandi Martin.