The Canadian government is rolling out a first-time home buyer incentive as part of our country’s National Housing Strategy as of September 2, 2019. The incentive reduces monthly mortgage payments without increasing your down payment if you qualify (those who have a combined income of $120,000 or less) for a mortgage with between five per cent and ten per cent incentives available.
Do I qualify?
All eligible recipients must meet the following criteria:
- never purchased a home before,
- going through separation with spouse or common-law, or
- did not occupy a personally or spouse purchased home in the last four years.
What is the process for taking advantage of this incentive?
- Review the online program and resources provided by the National Housing Strategy here.
- Calculate your purchase price for your new potential home and budget here.
- Find out if you qualify through the program requirements and self-assessment tool.
- Fill out the application incentive on the website and submit the following documents.
- Plan out your repayment strategy.
- Enjoy your new home and your stress-free mortgage payment plan.
Where can I find all of this information?
You can attend a live webinar training session for more information about the application and funding process through the Government of Canada here. And you can find out more about the First-Time Home Buyer Incentive here.
Who can I talk to if I want to use this buyer’s incentive when applying for my mortgage for my Carrington Communities Condo?
Send us an email at firstname.lastname@example.org and the condos you are interested in touring and we will get you in touch with our team right away! You can also visit our Carrington Communities page and find specific contact information for each of our communities.