Side Note: Apologies for my lack of updates on the site as I was in a severe car accident recently and miraculously survived but needed to heal. I am back!
To help make homeownership more affordable for first-time home buyers, Budget 2019 introduces the First-Time Home Buyer Incentive.
The Incentive would allow eligible first-time home buyers who have the minimum down payment for an insured mortgage to apply to finance a portion of their home purchase through a shared equity mortgage with Canada Mortgage and Housing Corporation (CMHC).
It is expected that approximately 100,000 first-time home buyers would be able to benefit from the Incentive over the next three years.
Since no ongoing payments would be required with the
1. What will I have to pay as a down payment?A standard question that we all will have when it comes to buying a home or investment. This should be your first step in the home buying process so you can see and understand what direction you need to go. First, a down payment is the amount of money that you goes towards the purchase of a new home. It is deducted from the total purchase price, the mortgage loan covers the rest of the price. The minimum amount for your down payment will depend on the price of the home you are interested in. Typically it looks like this: $500,000 or under = 5% of the sale price $500,001 - $999,999 = 5% of the first $500,000 of the sale price and 10% on the remainder above…