First Time Home Buyer Incentive Program Expansion

  4/27/2021 |   SHARE
Posted in First Time Home Buyers by Heather Lemieux| Back to Main Blog Page

First Time Home Buyer Incentive Program Expansion

Effective May 3, 2021, the Federal Government will be expanding the First Time Home Buyer Incentive program to enhance eligibility in Toronto, Vancouver and Victoria Census Metropolitan Areas (CMA) as defined by Statistics Canada.
 
What you need to know
 
In Toronto CMA (Burlington, Whitby and surrounding areas don't make the cut), Vancouver CMA (Sorry Langley, Maple Ridge and towns to the east) and Victoria CMA, the:

  • Maximum total qualifying annual income is $150,000, an increase from $120,000
  • Maximum mortgage loan amount plus incentive cannot exceed 4.5 times the total qualifying income, an increase from four times

 

As for why other sellers' markets like Hamilton, Ottawa and Montreal aren't eligible, we're waiting for CMHC's comment on that.

If you want to know how much you'd qualify for with FTHBI 2.0, CMHC has a new calculator. Check it out here.

Eligibility remains unchanged for the rest of Canada.



Canada Real Estate, First Time Home Buyer Incentive, First Time Home Buyers, Government of Canada, Toronto Real Estate



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