First-Time Home Buyer Program Failed Due to Poor Design: CMHC Audit

A federal program aimed making first-time home ownership more affordable has failed after the program attracted less than a fifth of the buyers it was aiming for, according to an internal auditors report from the Canada Mortgage and Housing Corporation (CMHC). The $1.25 billion First-Time Home Buyer Incentive program offered government funding for shared-equity mortgage loans of up to 10 per cent of the purchase price, which would go toward a larger down payment. The program served just 18,291 home buyers of its 100,000 goal, says the auditor report which was first covered by Blacklock’s Reporter. The report said the program had “low uptake” and was poorly designed and ineffective....