Download First Time Home Buyers Incentive
First Time Home Buyers CMHC Incentive Coming Soon!

What you need to know: this program is for first time home buyers ONLY to
reduce your overall monthly housing costs.

When does this program come into effect?
  • We can submit for mortgage approval on September 2nd 2019.
  • Possession must be on or after November 1st, 2019.
Who is considered a first time buyer?
  • You have never purchased or owned a home before
  • You haven’t occupied a home you or a spouse has owned in the last 4 years
  • NEW: if you are just out of separation or divorce
What do I need to qualify for the incentive program?
  • You need your own 5% down payment (Saved Funds, RRSP or Gifted Funds)
  • NEW: RRSP withdrawl has been increased to allow up to 35k to be withdrawn total
  • A maximum annual household income of $120,000.00
  • Maximum loan amount is 4X the qualifying income based on stress tested rules.
How does the program work?
  • Buyers can receive an addition 5% on a purchase of a Re-sale home
  • Buyers can receive up to an additional 5% or 10% on a New Build Home with new home warranty
How do I pay it back?

Incentive payback will be based on the percentage of funds granted upfront and is based on equity gained or lost in the home when paid back at either of the 3 scenarios below. It is an interest free loan.

  1. You sell your home
  2. At the 25 year completion of payments
  3. Any point in a 25 year timeline
*Repayment at any time will not incur any pre-payment privileges
* Equity Gained/Lost will be based on a fair market appraisal completed by CMHC
* Monies granted by CMHC will be registered on land titles at closing

Example if the property value decreases:
Buy new home at 350k – (10% of value) 35k granted at purchase towards down payment
Sell your home down the road for 320k – (10% of value) 32k payback to CMHC

Example if the property value increases:
Buy off MLS for 300k – (5% of value) 15k granted at purchase towards the down payment
Sell down the road for 320k – (5% of value) 16k payback to CMHCragraph