First-Time Homebuyer Incentive

A shared home equity program with the Government of Canada that helps you with the down payment for a mortgage. The incentive can help you meet the minimum down payment requirements for a mortgage and/or reduce the size of the mortgage you need. The incentive offers up to:

• 5% or 10% for a FTHB’s purchase of a new build home;

• 5% for a FTHB’s purchase of an existing home; or

• 5% for a FTHB’s purchase of a new or existing mobile home.

By sharing the equity, the government will share in the upside or downside of the future property value, up to a maximum of 8% per year. The borrower will have to repay the incentive within 25 years or upon the sale of the home. The amount to be repaid is the amount of the incentive plus the rate of gain in value of the home, capped at 8% per year, or minus the rate of loss of value of the home, capped at 8% per year. The borrower can also repay the incentive at any time without penalty.