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March 4, 2024
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The federal government has announced that it will discontinue the First-Time Home Buyer Incentive, a much-criticized program aimed at improving housing affordability for first time buyers.

Canada Mortgage and Housing Corporation (CMHC), the national housing agency, said in a statement on its website that the program was winding up, with no new or updated submissions to be accepted after the end of March 2024.

The program was Introduced in 2019, and the Incentive was aimed at reducing monthly mortgage payments for qualified first-time buyers through a shared-equity scheme. It offered a contribution of 5% or 10% towards the purchase of a newly constructed home, and 5% of the purchase of a resale existing home or new/resale mobile or manufactured home.

The shared-equity component, meant that the government would also benefit from the potential future sale of a home as their interest in your home (either 5 or 10 percent) would grow in value and mean the home buyer had to pay back more than they borrowed.

Between its launch in September 2019 and the end of March 2021, the program had seen fewer than 10,000 successful applicants, with Edmonton and Calgary accounting for nearly 2,000 of that total.

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