{"id":1455,"date":"2019-08-29T14:52:00","date_gmt":"2019-08-29T14:52:00","guid":{"rendered":"https:\/\/areslaw.ca\/parry-sound\/?p=1455"},"modified":"2019-08-29T14:52:05","modified_gmt":"2019-08-29T14:52:05","slug":"first-time-home-buyer-incentives","status":"publish","type":"post","link":"https:\/\/areslaw.ca\/parry-sound\/first-time-home-buyer-incentives\/","title":{"rendered":"Incentives for First-Time Home Buyers You Don\u2019t Want to Miss Out On"},"content":{"rendered":"\n

If you\u2019re pondering that first home purchase, it\u2019s a great time to take the plunge. Mortgage interest rates are still at very low levels, and there are government incentives that can give you that financial boost you need to rocket into the real estate market. Here are some of the most popular programs for Canadian first-time homebuyers that you need to know about: <\/p>\n\n\n\n

This (new!) incentive program starting September 2019 is offered through the federal government\u2019s National Housing Strategy<\/a> and its goal is to address housing affordability by offering first time home buyers a \u2018shared equity\u2019 loan. The basic guidelines are as such: Your total household income must be $120,000 or less, and the prospective home must be $480,000 or less. If you qualify, you can receive a loan of up to 5% or 10% (depending on new vs. resale homes), which must be paid back when the house sells, or within 25 years, whichever comes first. There is no interest or fees to be paid on this loan, but you do have to pay it back based on 5% or 10% of the selling price, not the price you paid when you first purchased the home. <\/p>\n\n\n\n

Here\u2019s an example: <\/p>\n\n\n\n

If you receive $20,000 (5%) on a\n$400,000 home, if it sells later for $500,000, you will have to pay back\n$25,000, not the original $20,000. <\/p>\n\n\n\n