This article by Kara Kuryllowicz explains the ins and outs of the proposed First Time Home Buyers Incentive which is expected to become available in or around September 2019.
"The FTHBI is a program that will help qualified first-time home buyers without adding financial burden. As there are no monthly payments, it will free up income to pay for other everyday expenses. Unlike some of the other assistance programs tried in the past, the FTHBI will also require borrowers to meet minimum insured mortgage down payment requirements, ensuring they are invested in their purchase."
Read the full article here
My Take away - on the proposed new First-Time Home Buyers Incentive
"The FTHBI is limited to households with a maximum combined income of $120,000. In addition, the program caps out at four times the applicant's annual income, which means it can only help homeowners looking to buy properties where the mortgage value including the CMHC loan doesn’t exceed $480,000."
This WILL give the opportunity for millennials and other 1st time home buyers living in the Lower Mainland an opportunity to get into the real estate market. With a great selection of condo's and townhouses available in this price range there will be lots to choose from that would meet the criteria for using the First Time Home Buyers Incentive. We will be waiting for more details to be released to know exactly what form this incentive will take and will keep you posted as we learn more in the coming months.