First-Time Home Buyer Incentive
The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.
The First-Time Home Buyer Incentive launches September 2, 2019*.
* The program will be ready to receive Incentive applications on September 2, 2019 (barring any unforeseen circumstances). The first closing will take effect on November 1, 2019.
How it all works…
Learn About the Program
- Calculate your maximum purchase price and what you could receive as an incentive.
- Review program details.
- Start looking for a home.
Determine Your Eligibility
- Contact a lender/mortgage professional
- Review program requirements and ensure that this is for you.
- Try the self-assessment tool.
Choose Your Incentive and Apply
- Review the details and select the incentive that is right for you.
- Read, print and sign the application documents (coming soon) and take them to your lender.
- Application submissions will be completed by your lender.
- Notify your solicitor.
- Call the 1-800 number to activate (see “How do I apply?”).
- Early payout options in full are available at any point in the duration of the 25 years.
- Learn more about fair market value and how this will help you calculate repayment.
- Calculate the fair market value of your home and multiply it by the percentage of the Incentive you received.