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Buying A Home? Cmhc Could Soon Kick In 10% Of The Cost — For A Price

CBC~ March 19th, 2019

The government is earmarking $1.25B over 3 years for something it's calling a 'shared equity mortgage'

The 2019 federal budget includes a tantalizing pitch for prospective first-time homebuyers — one that could see Canada's housing agency contribute up to 10 per cent of the purchase price of a home and bring down the mortgage load for borrowers.

The budget offers the program, known as the First Time Home Buyer Incentive, as a way to help with housing affordability. The government is earmarking $1.25 billion over three years for something its "shared equity mortgage."

Functionally, it's more like an almost interest-free loan — one where the repayment plan doesn't require any payback until years in the future. In order to qualify, an applicant must have a household income of less than $120,000 per year and be able to come up with a five per cent down payment — the minimum requirement for an insured mortgage with the Canada Mortgage and Housing Corporation (CMHC).

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CURRENT RATES

CURRENT RATES
Term Our Rate Bank Rate
2 YEAR 3.32% 3.74%
3 YEAR 3.19%* 3.89%
4 YEAR 3.29% 3.94%
5 YEAR 3.19%* 5.59%
5 YEAR variable 2.90%* %
31 Mar 2019


*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

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