The First-Time Home Buyer Incentive

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The First-Time Home Buyer Incentive helps qualified first-time homebuyers reduce their monthly mortgage carrying costs
without adding to their financial burdens.

There are a few qualifiers to apply for this incentive:
you need to have the minimum down payment to be eligible
your maximum qualifying income is no more than $120,000
your total borrowing is limited to 4 times the qualifying income
If you meet these criteria, you can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. A
shared equity mortgage is where the government shares in the upside and downside of the property value.
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1. 5% for a first-time buyer’s purchase of a re-sale home
2. 5% or 10% for a first-time buyer’s purchase of a new
   construction
   

You can repay the Incentive at any time in full without a pre-payment penalty. You have to repay the Incentive
after 25 years or if the property is sold, whichever happens first. The repayment of the Incentive is based on
the property’s fair market value.
You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000. If your home value
increases to $300,000 your payback would be 5% of the current value or $15,000.
You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home
value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.

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