Earlier this year, Trudeau’s federal budget for 2019 outlined a new incentive to help first time homebuyers buy their first home that he called a “shared equity mortgage”. It’s effectively an interest free loan from the federal government for eligible homebuyers.
More details have since been released, and it’s looking like it’ll be an exciting end of the year for first time homebuyers.
The program will be ready to receive applications on September 2, 2019, with the first closing taking place on or after November 1, 2019.
The definition of “first time homebuyer” is quite broad, and in fact includes buyers who have actually owned a home before:
- you have never purchased a home before;
- you have gone through a breakdown of a marriage or common-law partnership; or
- in the last 4 years, you did not occupy a home that you or your current spouse or common-law partner owned.
If you’re looking to buy a new home soon, remember to ask your mortgage lender or broker about this incentive!