Ahead of the imminent launch of the First Time Home Buyer Incentive Program , CMHC has just updated their consumer site with all the info. This Incentive helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens. This will be an insured mortgage whereby the mortgage default insurance will be paid by the borrower.
But, does it make financial sense if after you sell the home and pay the government their share of the pie. Your net proceeds may be less in that case.
If you want to find out if you qualify for this program,give me a call on 604.725.1607. I’ll take you through it!