First-time homebuyer incentive is discontinued 

The Canada Mortgage and Housing Corporation (CMHC) has discontinued the first-time homebuyer incentive, effective March 21, 2024. 

Launched in 2019, the program aimed to assist first-time buyers by reducing monthly mortgage payments through government partial ownership of properties. It provided a loan of up to 10% of the purchase price to increase the down payment, thereby lowering monthly payments. 

Repayment was required after 25 years or upon property sale, adjusted for changes in property value. Eligibility challenges, such as income and mortgage limits, hindered the program’s effectiveness.

Source: CBC News 

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