Feds update the First-Time Home Buyer Incentive

The federal government has announced increases to the First-Time Buyers Incentive in three special markets - Toronto, Vancouver, and Victoria.

 

Since its inception in 2018, the maximum home price to be eligible for the shared equity mortgage program was 4 times household income. As of Spring 2021 this is increasing to up to 4.5 times household income. The buyer’s income threshold is being raised from $120,000 to $150,000. These changes mean the maximum home price for eligible first-time buyers in the three markets goes from $505,000 to about $722,000.

 

Information on the current program can be found here.

 

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