TORONTO, May 3, 2021 /CNW/ - Every Canadian deserves to have a safe and affordable place to call home. That is why the Government of Canada is helping middle class Canadians buy their first home through the First-Time Home Buyer Incentive.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), and, Terry Beech, Member of Parliament for Burnaby North—Seymour, announced the launch of the expansion of the First-Time Home Buyer Incentive for Toronto, Vancouver, and Victoria, as proposed in the Fall Economic Statement.
Starting today, May 3, 2021, through to the end of the program, eligibility is enhanced for applicants in the Census Metropolitan Areas of Toronto, Vancouver and Victoria, by raising their qualifying income threshold from $120,000 to $150,000 and by increasing their total borrowing threshold from 4 to 4.5 times their qualifying income. With a minimum down payment, this targeted expansion raises the maximum house price for eligible first-time home buyers in these cities from about $505,000 – under the original program parameters - to about $722,000. The original parameters will remain the same for all other housing markets.
The First-Time Home Buyer Incentive helps middle class families take their first steps towards homeownership by reducing their monthly mortgage payments without adding to their financial burdens.
Check out the First-Time Home Buyer Incentive program and enhancement details, and the fact sheet explaining potential savings.
Quotes
"Houses in Canada are for Canadian families to live in. Today's expansion of the First-Time Home Buyers Incentive, which we committed to in the Fall Economic Statement, will help first-time homebuyers and will help bring the dream of homeownership within reach for people in some of Canada's most expensive housing markets." - The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
"Every Canadian deserves a safe and affordable place to call home. The First-Time Home Buyer Incentive supports middle-class Canadians who need more assistance with housing costs. Thanks to mortgage payments that are more affordable, families will have more money in their pockets each month to spend in ways that improve their quality of life now and for the years to come." – The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation
"The First-Time Home Buyer Incentive is the part of the National Housing Strategy that helps Canadians access home ownership. Our government recognizes that making the choice to own for the first time is a challenge, especially in major markets where housing costs are rising fastest. To that end, the new enhancements under the Incentive increases the eligibility of the programme in Toronto, Vancouver and Victoria to now allow purchases of up to $722,000. This will give new home owners greater access to housing options that meet their needs." – Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation
“The First-Time Home Buyer Incentive is designed to help middle class Canadians enter the housing market. Thanks to new enhancements under the Incentive available starting today, prospective new homeowners in our expensive Vancouver and Victoria markets will be more easily able to afford their first home.” – Terry Beech, Member of Parliament, Burnaby North—Seymour
Quick facts about the First-Time Home Buyer Incentive
Associated links:
SOURCE Canada Mortgage and Housing Corporation
Information on this release: Mikaela Harrison, Office of the Minister of Families, Children and Social Development, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, Media Relations, [email protected]
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