Canada’s First-Time Home Buyer Incentive Explained
Posted by Terry Paranych on
Are you a first-time buyer struggling to purchase a new home in Edmonton? Canada’s First-Time Home Buyer Incentive may help make homeownership more affordable.
What Is the First-Time Home Buyer Incentive and How Does it Work?
Simply put, the First-Time Home Buyer Incentive helps first-time home buyers live more affordably by reducing their monthly mortgage payments. Without adding to their current debt load, first-time buyers can enter into a shared-equity mortgage with the Government of Canada, which will match the buyer’s initial minimum down payment by an additional 5 or 10% (10% applies to newly constructed homes, only).
In receiving the Incentive, first-time buyers may not need to save as much to make their mortgage payments more…
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