Source: GVR

• The Federal First-Time Home Buyer Incentive program ends March 21, 2024.
• Applications and resubmissions will be accepted until March 21, 2024, midnight ET.
• No new approvals will be granted after March 31, 2024.

If you are planning to participate in the federal First-Time Home Buyer Incentive program, you need to know the program is being discontinued. 

Application deadline

The program will accept new applications and resubmissions for previously declined applications, until midnight ET on March 21, 2024.

• If the client submits an application on or before the March 21, 2024, deadline (midnight ET) and the application is declined due to an application error, the mortgage loan insurer is responsible for resubmitting the application.
• Applications resubmitted after March 21, 2024 must undergo a manual review. Requests for such reviews must be submitted no later than March 25, 2024 (midnight ET).

A program administrator will process applications received before the deadlines. No new approvals will be granted after March 31, 2024.

What is the First-Time Home Buyer Incentive program?

The First-Time Home Buyer Incentive program is a shared-equity mortgage with the Government of Canada, which offers:

• five per cent or 10 per cent for a first-time buyer’s purchase of a newly constructed home;
• five per cent for a first-time buyer’s purchase of a resale (existing) home; or
• five per cent for a first-time buyer’s purchase of a new or resale mobile/manufactured home.

The government shares in both the upside and downside of the property value, up to a maximum gain or loss equal to eight per cent per year (not compounded) on the incentive amount. 

The homebuyer repays the incentive based on the market value of the home at the time of repayment.

The homebuyer must repay the Incentive after 25 years, or when the property is sold, whichever comes first. The homebuyer can also repay the Incentive in full any time before, without a pre-payment penalty.

More information

Read about the program ending.

Read about the details of the program.

Questions? Email FTHBIOps@cmhc-schl.gc.ca or contact Harriet Permut, director of government relations at hpermut@rebgv.org.