{"id":13005,"date":"2019-07-10T15:15:11","date_gmt":"2019-07-10T22:15:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13005"},"modified":"2019-06-25T14:34:02","modified_gmt":"2019-06-25T21:34:02","slug":"has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/","title":{"rendered":"Has Federal Government Built a &#8220;Bridge to Nowhere&#8221; for 1st-Time Home Buyer?"},"content":{"rendered":"<p style=\"text-align: justify;\">Criticism is piling up for the federal government\u2019s First-Time Home Buyer Incentive, set to kick off this September.<\/p>\n<p style=\"text-align: justify;\">Economic researchers, realtors and mortgage experts have all questioned the usefulness of the program, one that sees the government fork over up to 10 percent for a downpayment on a home in exchange for a correspondent equity share of the property.<\/p>\n<p style=\"text-align: justify;\">Now add website RateSpy.com to the list of critics. The mortgage-rate-comparison website has published a blunt dismissal of the program, which the Justin Trudeau-led Liberals unveiled this spring with the 2019 federal budget.<\/p>\n<p style=\"text-align: justify;\">\u201cIt appears our government has built a bridge to nowhere for first-time buyers. No one needs it. Few will want it,\u201d a RateSpy blog post reads.<\/p>\n<p style=\"text-align: justify;\">As others have noted, part of that has to do with the income and mortgage caps built into the scheme. To qualify, households can\u2019t earn more than $120,000 annually, and the maximum mortgage they can take on is limited to four times that.<\/p>\n<p style=\"text-align: justify;\">RateSpy pegs that maximum purchase price at about $565,000, which is well below the average selling price in Canada\u2019s most expensive markets.<\/p>\n<p style=\"text-align: justify;\">\u201cHeck, they might as well call it the \u2018First Time Studio Condo Buyer Incentive\u2019 in Toronto and Vancouver,\u201d RateSpy quips.<\/p>\n<p style=\"text-align: justify;\">Also, the RateSpy post suggests that a borrower earning $60,000 annually with a 5 percent downpayment can afford a home priced at $269,000 with an insured mortgage. However, a homebuyer taking part in the initiative would be limited to $253,000.<\/p>\n<p style=\"text-align: justify;\">\u201cAs much as we hate to say it, this program looks like little more than vote candy, a program designed to do little, but appear as if the government is doing a lot,\u201d RateSpy says.<\/p>\n<p style=\"text-align: justify;\">\u201cIf the Liberals lose power in October, so might this program.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/06\/canadas-first-time-home-buyer-incentive-bridge-nowhere.html\" target=\"_blank\" rel=\"noopener noreferrer\">Is Canada\u2019s First-Time Home Buyer Incentive a &#8220;Bridge to Nowhere&#8221;?<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Criticism is piling up for the federal government\u2019s First-Time Home Buyer Incentive, set to kick off this September. Economic researchers, realtors and mortgage experts have all questioned the usefulness of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/\">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":[9],"tags":[],"class_list":["post-13005","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Has Federal Government Built a &quot;Bridge to Nowhere&quot; for 1st-Time Home Buyer? &#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\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Has Federal Government Built a &quot;Bridge to Nowhere&quot; for 1st-Time Home Buyer? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Criticism is piling up for the federal government\u2019s First-Time Home Buyer Incentive, set to kick off this September. Economic researchers, realtors and mortgage experts have all questioned the usefulness of &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\\\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Has Federal Government Built a &#8220;Bridge to Nowhere&#8221; for 1st-Time Home Buyer?\",\"datePublished\":\"2019-07-10T22:15:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\\\/\"},\"wordCount\":312,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Mortgage\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\\\/\",\"name\":\"Has Federal Government Built a \\\"Bridge to Nowhere\\\" for 1st-Time Home Buyer? &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2019-07-10T22:15:11+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/07\\\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Has Federal Government Built a &#8220;Bridge to Nowhere&#8221; for 1st-Time Home Buyer?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Has Federal Government Built a \"Bridge to Nowhere\" for 1st-Time Home Buyer? &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/","twitter_card":"summary_large_image","twitter_title":"Has Federal Government Built a \"Bridge to Nowhere\" for 1st-Time Home Buyer? &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Criticism is piling up for the federal government\u2019s First-Time Home Buyer Incentive, set to kick off this September. Economic researchers, realtors and mortgage experts have all questioned the usefulness of &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Has Federal Government Built a &#8220;Bridge to Nowhere&#8221; for 1st-Time Home Buyer?","datePublished":"2019-07-10T22:15:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/"},"wordCount":312,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Mortgage"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/","url":"https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/","name":"Has Federal Government Built a \"Bridge to Nowhere\" for 1st-Time Home Buyer? &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2019-07-10T22:15:11+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2019\/07\/has-federal-government-built-a-bridge-to-nowhere-for-1st-time-home-buyer\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Has Federal Government Built a &#8220;Bridge to Nowhere&#8221; for 1st-Time Home Buyer?"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/13005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=13005"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/13005\/revisions"}],"predecessor-version":[{"id":13006,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/13005\/revisions\/13006"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=13005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=13005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=13005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}