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      iTorontoRentals First Time Buyer Incentive Banner

      Great News for First Time Buyers

      More government incentives that can help bring home ownership dreams to reality!

      The First Time Buyer Incentive Program

      The First Time Home Buyer Incentive helps qualified first time buyers reduce their monthly mortgage carrying costs without adding to their financial burdens. Up to 1.25 billion dollars has been set aside to help lower mortgage costs for eligible Canadians, on a First Come First Service Basis.  


      Buyers will need to have a minimum down payment to be eligible, which can be from your qualified R.S.P.  Just keep in mind this is a C.M.H.C. insured mortgage program. Total down payment is to be “less” than 20% down. You can then apply for the 5% Down Payment Incentive, giving you an extra 5% down on resale purchases or 10% on new construction.  Simplified, this is a shared equity mortgage program with the Government of Canada. 


      The Incentive funds will be a second mortgage on title.  There will be no regular principal payments, no interest and has a maximum repayment term of 25 years or sooner if the property is sold. You can repay the Incentive at any time without a prepayment penalty.  However, the repayment is based on the property’s fair market value.


      The Government will share in the upside and downside of the property value upon repayment.   Essentially the government is re-paid by their shared equity from the value of the property.


      How Does it Work?

      The incentive enables first-time homebyers to reduce their month morgage payment without increasing their downpayment. The incentive is not interest bearing and does not require ongoing payments.


      Through the First-Time Home Buyer Incentive, the Government of Canada will offer:

      5% for a first-time buyer's purchase of a re-sale home

      5% or 10% for a first-time buyer's purchase of new construction

      An example, you receive a 5% incentive of a resale home that you purchase for $480,000, and you receive a $24,000 incentive, then perhaps your home value increases to $600,000 your payback would be 5% for the current value which would be $30,000. 

      Eligibility and Requirements

      Who Can Apply?


      • Canadian citizens, permanent residents, and non-permanent residents who are legally authorized to work in Canada


      • Borrowers must have a maximum qualifying income of $120,000
        • Total qualifying income must be $120,000 per year or less
        • This is subject to qualifying income requirements set out by lenders and mortgage loan insurers​


      • ​At least one borrower must be a first-time homebuyer


      More Information and Resources

      For more First Time Home Buyer Incentive Program Details download more information below. 


      Home Buyers Government Incentives - Down Payment Program


      A simple example would be if your combined income is 120,000 x 4 the maximum purchase price would be $480,000 plus the down payment. There is a scaling price based on your down payment and the governments incentive so we have created a spread sheet for easy reference.


      Maximum Purchase Price Charts for the First Time Buyers Program


      Call us today for more details at 416-896-3333 for this and other Government Programs available to help you with Home Ownership. Funds are limited, and timing is important, so please ensure to get all the details for a well-planned home purchase.


      Your Sutton Realty agent will have a list of resale and new construction developments in your selected area. 



      Happy House Hunting from your Sutton Realtor

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