What is the First Time Home Buyer Incentive?

What is the First Time Home Buyer Incentive?

Well right now the Canadian Liberal government has implemented a program that will provide First time home buyers with a down payment, however they will have an equity stake in your home. The government will give you 5% for a resale home and 10% for a new build. So even though you are not paying interest on the loan/down payment, you have up to 25 years to pay it back. The government will use the percentage of the equity growth to calculate the “interest” owing on the initial loan. Now is this a good program? Honestly, I don’t think so. I believe it’s a great idea if you utilize it to enter the market and set yourself up on a 2 year plan to pay it back because the longer you have the loan, the more it will appreciate and the larger the amount owing the government will be. Why did they offer you 10% on a new build? That’s because new builds appreciate faster than resales, they appreciate during the building process by the builder based on when during the phases you purchased. Then they appreciate again upon completion based on market appreciation. The reason I am not a big fan is because it’s your equity, that’s how you gain most of your wealth and to have the government take a piece of that – just sounds silly. There are creative ways to use this program, but please just do your homework before committing.

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