{"id":4508,"date":"2019-09-06T04:11:40","date_gmt":"2019-09-06T12:11:40","guid":{"rendered":"https:\/\/justo.ca\/blog\/?p=4508"},"modified":"2024-02-22T09:06:05","modified_gmt":"2024-02-22T17:06:05","slug":"an-overview-of-the-cmhc-down-payment-incentive-for-first-time-home-buyers","status":"publish","type":"post","link":"https:\/\/blog.justo.ca\/blog\/an-overview-of-the-cmhc-down-payment-incentive-for-first-time-home-buyers\/","title":{"rendered":"An Overview of the CMHC Down Payment Incentive for First-Time Home Buyers"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4508\" class=\"elementor elementor-4508\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-17214979 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"17214979\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3bf91127\" data-id=\"3bf91127\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5b64602f elementor-widget elementor-widget-text-editor\" data-id=\"5b64602f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p><!-- wp:paragraph --><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The CMHC First-Time <a href=\"https:\/\/justo.ca\/blog\/buying-a-home-in-gta\/\" target=\"_blank\" rel=\"noopener\">Home Buyer<\/a> Incentive became live earlier this month. Stylized as FTHBI, the main aim of this program is to help improve affordability levels for Canadian citizens buying a home for the very first time.<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">\u00a0<\/span><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">This down payment incentive is the result of shared equity with the CMHC. The CMHC, a government-owned body, provides 10% or 5% of the down payment for every first-time homeowner. In doing so, the CMHC can help you lower potential mortgage payments. Also, First-Time Home Buyer Incentive will help you to afford property below the $500,000 mark.<\/span><\/p>\n<p><b id=\"docs-internal-guid-ac02720f-7fff-d718-7ef8-a92dcdbe2053\" style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The down payment incentive exclusive to first-time home buyers helps to reduce monthly mortgage expenses drastically. This incentive offers:<\/span><\/p>\n<ul style=\"margin-top: 0; margin-bottom: 0;\">\n<li dir=\"ltr\" style=\"list-style-type: disc; font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">5% or 10% of your total purchase of a newly built home\u00a0<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc; font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">5% of your purchase of an already existing home\u00a0<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc; font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">5% of your purchase of a new\/already existing manufactured\/ mobile home.\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">In this article, we will take a look at the benefits of this mortgage incentive for first-time homebuyers and how you can qualify to enjoy the FTHBI.<\/span><\/p>\n<h2 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 18pt; margin-bottom: 6pt;\"><span style=\"font-size: 16pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The benefits of the CMHC First-Time Home Buyer Incentive<\/span><\/h2>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Like all government incentives, there are rules to the down payment incentive for first-time homeowners. This program is a shared equity benefit. This means that the government owns a shared investment with you as far as your home is concerned. This means that ups and downs in property value also affects the government.<\/span><\/p>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The primary benefit of this down payment incentive is that you do not have to pay as much on down payments out of pocket. That way, you can better afford the payments that come with your mortgage. Remember that more substantial down payments ultimately equal smaller monthly mortgage payments in Canada.\u00a0<\/span><\/p>\n<h2 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 18pt; margin-bottom: 6pt;\"><span style=\"font-size: 16pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Rules that govern the down payment incentive<\/span><\/h2>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">There are rules to taking advantage of the CMHC&#8217;s down payment incentive. Firstly, you have to repay the government based on the fair market value of your home. This fair market value is determined as at the time of repayment.\u00a0<\/span><\/p>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">If you receive 5% to help with your down payment, you have to repay 5% of your home&#8217;s fair market value at the time of repayment. The same principle applies if you receive 10%. Also, you have to repay every dollar received from the incentive after 25 years.\u00a0<\/span><\/p>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The payment can also be made if you <a href=\"https:\/\/justo.ca\/blog\/selling-a-home-in-gta\/\">sell the property<\/a>. It depends on the condition that comes first. A first-time home buyer can also repay the incentive before 25 years without incurring a penalty for prepayment.\u00a0<\/span><\/p>\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 4pt;\"><span style=\"font-size: 13.999999999999998pt; font-family: Arial; color: #434343; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Who is eligible for this program?<\/span><\/h3>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The first-time homeowners incentive is not for everybody living in Canada. To qualify for this program, you have to fulfil the following criteria.<\/span><\/p>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<ul style=\"margin-top: 0; margin-bottom: 0;\">\n<li dir=\"ltr\" style=\"list-style-type: disc; font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">A first-time homeowner that wants this incentive must own at least a 5% down payment on an insured mortgage in Canada.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc; font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">You or a member of your family must be a <a href=\"https:\/\/justo.ca\/buy\">first-time homebuyer<\/a>. This means you have not owned or lived in a home owned by your spouse over the past four years. There are exceptions for divorces and other extenuating circumstances.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc; font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The combined income of all first-time homeowners should not be over $120,000. This includes the incomes of co-signers and rental income.\u00a0<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc; font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The mortgage plus the value of the FTHBI must not be more than four times your total income. This means that if your income is $120,000. The maximum price of a home you can purchase is about $560,000.<\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc; font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre;\">\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The first-time homebuyer must be a citizen, permanent resident or a temporary resident that has the legal authority to work within Canada.<\/span><\/p>\n<\/li>\n<\/ul>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 4pt;\"><span style=\"font-size: 13.999999999999998pt; font-family: Arial; color: #434343; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Do I get 5% or 10%?<\/span><\/h3>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">If you are a first-time home buyer looking to buy an already existing home, you will be provided with an incentive of 5%. If you are looking to purchase a newly constructed property, the CMHC First-Time Home Buyer Incentive will offer up to 10% of down payments.\u00a0<\/span><\/p>\n<h3 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 16pt; margin-bottom: 4pt;\"><span style=\"font-size: 13.999999999999998pt; font-family: Arial; color: #434343; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Is the down payment incentive free?<\/span><\/h3>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Many people are already wondering if the first-time homebuyer incentive Canada is free. There is no upfront cost for this incentive. However, it is not free. It is the government making an investment (shared) in your home.<\/span><\/p>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">As mentioned earlier, you have to pay the government back after 25 years. Although, this payment is based on the fair market value of your home. Also, the government shares in the market rise and fall of your home.<\/span><\/p>\n<h2 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 18pt; margin-bottom: 6pt;\"><span style=\"font-size: 16pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Potential Savings from the Down Payment Incentive Canada<\/span><\/h2>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">With this incentive for first-time homeowners, qualified participants in Canada can save as much as $3,500 annually on a $500,000 home. Of course, the CMHC will own a part of your home with this incentive. However, it definitely helps you with affordability, especially on mortgage payments.\u00a0<\/span><\/p>\n<p><b style=\"font-weight: normal;\">\u00a0<\/b><\/p>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">The first-time homeowners incentive is an excellent opportunity for people looking to purchase homes in Toronto and Vancouver. In fact, about 23% of home purchases in Toronto are under $500,000. That figure is 10% for Vancouver.\u00a0<\/span><\/p>\n<h2 dir=\"ltr\" style=\"line-height: 1.38; margin-top: 18pt; margin-bottom: 6pt;\"><span style=\"font-size: 16pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">Final take<\/span><\/h2>\n<p dir=\"ltr\" style=\"line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;\"><span style=\"font-size: 11pt; font-family: Arial; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;\">This mortgage incentive is easy to use. Our team can help you with taking advantage of this program. All you have to do is apply for a mortgage via our online application process. It only takes 5 minutes. Our advisors can also guide you as you make your first step to owning a home. Contact us today!<\/span><\/p>\n<p>\u00a0<\/p>\n<p><!-- \/wp:paragraph --><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The CMHC First-Time Home Buyer Incentive became live earlier this month. Stylized as FTHBI, the main aim of this program is to help improve affordability levels for Canadian citizens buying a home for the very first time. \u00a0 This down payment incentive is the result of shared equity with the CMHC. The CMHC, a government-owned [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":4511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>An Overview of the CMHC Down Payment Incentive for First-Time Home Buyers - Justo Real Estate Brokerage<\/title>\n<meta name=\"description\" content=\"Justo Real Estate Brokerage can show you how to get the down payment you need for your Toronto home. 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