5 hours ago
Do you want to buy your first home?
The government says it wants to make it easier for young people to buy their first home, and promises to do that through a targeted new support system.
The First-Time Home Buyer Incentive will allow buyers—who have the minimum down payment for a mortgage—to finance 10 per cent on a new home or five per cent on an existing home through a shared equity mortgage with the Canadian Mortgage and Housing Corporation.
Doing so will lower buyers’ monthly mortgage payments but like everything, terms and conditions apply. One of them: only households with combined incomes lower than $120,000 annually will qualify.
Relatedly, the government wants to increase home supply and is vowing to look into ways to monitor and target tax evaders and those who use real estate to launder money, in an effort to bring down housing prices.
Looking at long-term promises, the Liberals are vowing to build 42,500 new housing units in low-supply areas for rentals over the next nine years ( Source: CTV news)