Potential home buyers in cities with white-hot real estate markets got some relief in Tuesday’s federal budget with an incentive program that could lower mortgage payments for households making less than $120,000 per year.
Finance Minister Bill Morneau said the government was trying very carefully to tweak policy to create more first-time home buyers without juicing the market too much.Under the $1.25-billion incentive program, prospective buyers who have the minimum down payment for a home can apply to finance between five and 10 per cent of their mortgage via a shared equity program administered by Canada Mortgage and Housing Corporation . The 10 per cent cap applies to newly constructed homes.
The finance department hopes legislation for the new program will pass in time for a September launch.
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