As of September 1, 2019, Canadians have access to a new program that makes it easier and more affordable to become a home owner. The Government of Canada is offering 5% for qualified home buyers of existing homes and up to 10% for new construction homes.
The basics of the plan are quite simple:
You must be a first time home buyer, defined as:
- Never have owned a home in Canada
- Have not been on title of home in Canada for a period of 4 years or more
- Going through a divorce
- Have a combined household income below $120,000.00/year
- Must be a Canadian Citizen, permanent resident, or non-permanent residents that are legally entitled to work in Canada
- The first mortgage and incentive amount cannot exceed 4 times the total qualified annual income
The following home types qualify:
- Single family Homes
- Semi-Detached Homes
- Mobile Homes
- Newly constructed homes
- Existing re-sale homes
For full breakdown of the program, please give us a shout at 403-466-6654, we can’t wait to chat with you!