The Canada Mortgage and Housing Corporation will end incentives for first-time homebuyers, the federal agency announced Thursday.
The deadline for the final round of new or resubmitted applications is March 21, 2024 at midnight ET.
The Canada Mortgage and Housing Corporation will end incentives for first-time homebuyers, the federal agency announced Thursday.
According to the CMHC website, the deadline for new or resubmitted applications to the program is March 21, 2024 at midnight Eastern Time.
Launched in 2019, the scheme aimed to reduce first-time buyers’ monthly mortgage payments by having the government take partial ownership of properties.
The government offered loans of up to 10% of the purchase price to increase the down payment and reduce monthly payments.
The homeowner must repay the incentive after 25 years or when the property is sold, with the outstanding amount adjusted to reflect changes in the property’s value.
The program was partially hampered by eligibility issues, including household income limits and the size of mortgages buyers could take on.
With files from CBC’s Jenna Benchetrit
