On September 2, the Federal First-Time Home Buyer Incentive will be launched.

Under the plan, the government is attempting to help some first-time home buyers with:

  • Advancing an interest-free loan of up to 5% of the purchase price of an existing home and up to 10% of the cost of a new build
  • Increasing the amount first time home buyers can borrow from their RRSPs to now $35,000

However, to apply for the interest free loan, buyers must have a household income below $120,000 a year. Additionally, the total value of the mortgage plus the Canadian Mortgage and Housing Corporation portion does not eclipse $480,000.

For more information, please click the button below:

First-Time Home Buyers Incentive