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Homebuyers Shun CMHC’s First-Time Home Buyer Incentive

Author: 
Steve Huebl
Publication date:
June 23, 2021
Article Summary: 

The Canadian government's First-Time Home Buyer Incentive (FTHBI), which offers equity-sharing with first-time buyers, has been largely rejected by homebuyers, with only 14% of funds ($178 million) distributed to support 9,804 buyers so far. The FTHBI was launched in September 2019 and is managed by the Canada Mortgage and Housing Corporation (CMHC), with a budget of $1.25bn over three years. The scheme involves the government contributing 5% to 10% of a first-time buyer’s down payment in exchange for an equal stake in the home's equity. Critics have argued that the programme is a government subsidy for those who can already qualify for a house.

Keywords: 

First-Time Home Buyer Incentive, CMHC, equity-sharing program, down payment assistance, government contribution, home equity, mortgage value, program changes, successful applications, city breakdown, participants, mortgage, market entrants, monthly payments, home ownership.



Source Citation: 
Steve Huebl
Homebuyers Shun CMHC’s First-Time Home Buyer Incentive
June 23, 2021
https://www.canadianmortgagetrends.com/2021/06/homebuyers-shun-cmhcs-first-time-home-buyers-incentive/
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