CMHC Discontinues First-Time Home Buyer Program

Published on March 1, 2024

Canada’s first-time homebuyer’s incentive program has been discontinued. The Canada Mortgage and Housing Corporation (CMHC) made the announcement on its website on Feb. 29. It said it will accept submissions for the program until midnight on March 21. The First-Time Home Buyer Incentive program was a shared-equity mortgage that homebuyers had with the Canadian government. It allowed first-time homebuyers to get into the market with lower mortgage payments. As part of the program, the government would loan up to 10 percent of the property purchase price to buyers, allowing for a larger down payment to be made. The money was expected to be paid back after 25 years, or after the house was sold. The amount owing would be adjusted if the value of the property changed....

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