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Published 2 months ago

First-time homebuyer incentive discontinued: CMHC

  • The Canadian Mortgage and Housing Corporation has discontinued the First-Time Home Buyer Incentive program due to unrealistic requirements in costly markets like Vancouver and Toronto.
  • The program was launched in 2019 to aid 100,000 first-time buyers, but only 22,826 applicants were approved, with $409 million dispersed. Most approvals were in British Columbia and Ontario.
  • Mortgage experts criticize the program's ineffectiveness and suggest a 30-year amortization period as a better alternative for insured borrowers needing mortgage insurance.
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