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First-Time Home Buyer?

Updated: Mar 30, 2022

The First-Time Home Buyer Incentive Helps First-Time Homebuyers Without Adding To Their Financial Burdens


First-Time Home Buyer?


The program, which is jointly delivered by the Canada Mortgage and Housing Corporation (CMHC) and Canada's provincial and territorial governments, offers:

  • 5% or 10% for a first-time buyer’s purchase of a newly constructed home

  • 5% for a first-time buyer’s purchase of a resale (existing) home

  • 5% for a first-time buyer’s purchase of a new or resale mobile/manufactured home

This Incentive’s shared-equity mortgage is one where the government has a shared investment in the home. As a result, the government shares in both the upside and downside of the property value. This allows borrowers to purchase a home with a lower down payment and enjoy the stability of affordable monthly payments, even if the property value decreases.

The homebuyer will have to repay the Incentive based on the property’s fair market value at the time of repayment. If a homebuyer received a 5% Incentive, they would repay 5% of the home’s value at repayment. If a homebuyer received a 10% Incentive, they would repay 10% of the home’s value at repayment. If the property is sold or transferred before the end of the 25-year period, the Incentive must be repaid in full.


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