First-time homebuyer incentive is discontinued, says federal housing agency

The first-time homebuyer incentive has been discontinued by the Canada Mortgage and Housing Corporation, the federal agency announced on Thursday.An aerial view of houses in East Vancouver near the Pacific National Exhibition fairgrounds. The first-time homebuyer incentive has been discontinued by the Canada Mortgage and Housing Corporation, the federal agency announced on Thursday.

Launched in 2019, the plan was meant to help reduce monthly mortgage payments for first-time buyers by having the government take on partial ownership of a property. Homeowners have to repay the incentive after 25 years or when the property is sold, with the amount owing adjusted to reflect how the value of the property has changed.

Apoorva Pande, a first-time homebuyer in Toronto, said he and his wife wouldn't be eligible for the incentive because their combined income is too high to qualify. The maximum allowed is $150,000.

Source: Real Estate Daily Report (realestatedailyreport.net)

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