{"id":12931,"date":"2019-07-04T11:11:11","date_gmt":"2019-07-04T18:11:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12931"},"modified":"2019-06-18T15:45:28","modified_gmt":"2019-06-18T22:45:28","slug":"is-the-governments-new-first-time-home-buyers-incentive-program-right-for-you","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/is-the-governments-new-first-time-home-buyers-incentive-program-right-for-you\/","title":{"rendered":"Is The Government&#8217;s New First-Time Home Buyers Incentive Program Right for You?"},"content":{"rendered":"<p style=\"text-align: justify;\">The co-founder of a popular Canadian rate-comparison website says the Canada Mortgage and Housing Corporation\u2019s First-Time Home Buyer Incentive falls short of helping those it is targeted toward to begin with.<\/p>\n<p style=\"text-align: justify;\">\u201cThe key issue remains qualifying, and this program diminishes the amount that a first-time home buyer can qualify for by about 15\u201320 per cent,\u201d explains James Laird of Ratehub.ca in a statement.<\/p>\n<p style=\"text-align: justify;\">The shared-equity mortgage program, first announced this spring with the Liberals\u2019 2019 federal budget, comes into effect this September. It will see the federal government contribute up to 10 percent towards the cost of a home in exchange for an equivalent equity stake in the property.<\/p>\n<p style=\"text-align: justify;\">But Laird says that limits to the program \u2014 the maximum mortgage is capped at four times a household\u2019s income to a top limit of $120,000 \u2014 stand in the way of it helping those most likely to want to take advantage of it.<\/p>\n<p style=\"text-align: justify;\">\u201c[T]hose not participating in the program can actually qualify for a mortgage that is 4.5\u20134.7 times their income,\u201d he explains.<\/p>\n<p style=\"text-align: justify;\">Laird suggests would-be participants are those who want to buy at the maximum amount they can qualify for.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, because the program diminishes how much you can qualify for it doesn\u2019t serve the needs of the group it is targeted at. Canadians can get a larger loan by not participating in the program,\u201d Laird explains.<\/p>\n<p style=\"text-align: justify;\">Comments from Laird follow today\u2019s announcement from CMHC providing further details about the program.<\/p>\n<p style=\"text-align: justify;\">CMHC confirmed that there is no interest on the incentive amount and that participants have 25 years to repay the incentive, or when the project is sold, whichever comes first.<\/p>\n<p style=\"text-align: justify;\">The Crown corporation is establishing a $100-million fund to attract mortgage providers to participate in the program.<\/p>\n<p style=\"text-align: justify;\">On a $500,000 home, the program can help a household up to $286 a month, or $3,430 annually.<\/p>\n<p style=\"text-align: justify;\">\u201cThanks to mortgage payments that are more affordable, many families will have hundreds of dollars more each month in their pockets \u2013 money to spend on things like healthy food, sports activities for their kids, or even save for the future,\u201d says Finance Minister Bill Morneau in a news release.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/06\/canadians-avoid-governments-new-first-time-home-buyer-incentive.html\" target=\"_blank\" rel=\"noopener noreferrer\">Why Canadians May Want to Avoid The Government&#8217;s New First-Time Home Buyers Incentive<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The co-founder of a popular Canadian rate-comparison website says the Canada Mortgage and Housing Corporation\u2019s First-Time Home Buyer Incentive falls short of helping those it is targeted toward to begin &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/is-the-governments-new-first-time-home-buyers-incentive-program-right-for-you\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-12931","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is The Government&#039;s New First-Time Home Buyers Incentive Program Right for You? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/is-the-governments-new-first-time-home-buyers-incentive-program-right-for-you\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Is The Government&#039;s New First-Time Home Buyers Incentive Program Right for You? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The co-founder of a popular Canadian rate-comparison website says the Canada Mortgage and Housing Corporation\u2019s First-Time Home Buyer Incentive falls short of helping those it is targeted toward to begin &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/is-the-governments-new-first-time-home-buyers-incentive-program-right-for-you\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/is-the-governments-new-first-time-home-buyers-incentive-program-right-for-you\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Is The Government&#8217;s New First-Time Home Buyers Incentive Program Right for You?\",\"datePublished\":\"2019-07-04T18:11:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/is-the-governments-new-first-time-home-buyers-incentive-program-right-for-you\\\/\"},\"wordCount\":382,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/is-the-governments-new-first-time-home-buyers-incentive-program-right-for-you\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/is-the-governments-new-first-time-home-buyers-incentive-program-right-for-you\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/is-the-governments-new-first-time-home-buyers-incentive-program-right-for-you\\\/\",\"name\":\"Is The Government's New First-Time Home Buyers Incentive Program Right for You? 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