CMHC First-Time Home Buyer Incentive: Who Qualifies and What You Get
Learn how this shared equity mortgage can help first-time buyers lower their monthly housing costs through a shared equity arrangement.
This program provides a shared equity mortgage to help first-time homebuyers manage their monthly payments by sharing a portion of the home's equity.
Who it's for
This incentive is designed for first-time buyers who have a total household income below a specific threshold set by the government.
What you get
You receive a shared equity mortgage. This means a portion of the home's equity is shared, which helps to reduce the amount of your monthly mortgage payments.
What it costs you
To participate, you must have your own down payment and you must be approved for a mortgage by a lender.
The catch to know
The incentive is not a permanent gift; you must pay the amount back when you sell your home or after a period of 25 years.
How to apply
- Check that your household income meets the eligibility requirements.
- Speak with a mortgage lender to see if you qualify for the shared equity option.
- Complete the mortgage application process with your lender.