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Canada's Federal housing agency discontinues First-Time Home Buyer Incentive

Published 2024-03-01, 12:38 p/m
Updated 2024-03-01, 12:38 p/m
© Reuters.

Investing.com – Would-be Canadian homebuyers will shortly have one less incentive program to help with buying a home. 

​​Canada's federal housing agency, Canada Mortgage and Housing Corp. has announced that it will be discontinuing its first-time homebuyer incentive program as of midnight ET on March 21, 2024. 

Any new or updated submissions to the program must be submitted by that time. 

Launched in 2019, the plan was designed to help reduce monthly mortgage payments for first-time home owners. 

With the program, the government would offer a loan up to 10% of the purchase price towards a down payment , thereby reducing monthly mortgage payments. 

Homeowners would have to repay the incentive when the property was sold, and the amount owing to the government adjusted to reflect the changed value of the property. 

The shared-equity component of the program, which saw the government benefiting from a future sale, faced much criticism from buyers. 

The program was also plagued by eligibility issues, including limits on mortgage size and household incomes.

Latest comments

Can i still use FHSa to buy my first home
yes
Si
ok i guess the only way to take advantage the money in my rrsp is to transfer upto the limit of the fhsa
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