As of April 2021, the changes to the First-Time Home Buyer Incentive program the federal government announced as part of the Fall Economic Statement on November 30, 2020 are in effect. The eligibility for the program has been expanded in the higher priced housing markets of Victoria, Vancouver, and Toronto.
The First-Time Home Buyer Incentive is a federal program introduced in the 2019 budget as part of the National Housing Strategy. It is a shared equity mortgage with the Government of Canada, with the goal of reducing your monthly mortgage payment. In the examples provided by CMHC and the scenarios we've run, you can expect your monthly payment to be lowered by $100-$200 versus borrowing the full mortgage amount from a lender. Applications are open as of September 2, 2019.
In the Housing section of Canada's federal budget released on March 19, 2019, the greatest emphasis is on the affordability of housing for first time home buyers. First, the straight-forward news: effective this year, the Home Buyers' Plan that allows Canadians to withdraw funds from their RRSP to buy a home will be increased to a limit of $35,000. If you've been diligent in using this saving product, it could work to your advantage when it's time for your down payment.
Oct 17 2014
The new Homeless Prevention Program (HPP) will assist British Columbians who are at risk of becoming homeless.
Supporting four at-risk groups with finding homes in the private market, rent supplements, and support services, these groups include: youth transitioning out of foster care, women who have experienced violence or are at risk of violence, individuals leaving the hospital and correctional systems, and Aboriginal people.