The deadline to submit new or updated applications for the First-Time Home Buyer Incentive is March 21, 2024, at midnight ET. No new approvals will be granted after March 31, 2024.
Originally designed to ease the burden of monthly mortgage payments for first-time buyers, the program involved the government acquiring partial ownership of a property.
Through this initiative, eligible buyers could receive a loan of up to 10 percent of the purchase price, which could be used towards a larger down payment, ultimately reducing monthly payments.
However, participants were obligated to repay the incentive after 25 years or upon selling the property, with the repayment amount adjusted based on changes in the property’s value.
https://www.cmhc-schl.gc.ca/consumers/home-buying/first-time-home-buyer-incentive
