The First-Time Home Buyer Incentive was supposed to help 100,000 families. It’s nowhere close to that goal
Fewer than 400 households in the Toronto, Vancouver and Victoria areas have received financial assistance from a federal program for first-time home buyers, despite changes that were intended to make it more useable in pricier markets.
Under the program, the federal government contributes as much as 10 per cent toward the purchase of a first home, reducing the buyer’s monthlyThe FTHBI was announced with much fanfare during the 2019 budget. The federal government said it would help as many as 100,000 families purchase a first home, allocating $1.25-billion to Canada Mortgage and Housing Corp. to disburse over three years.
Several real-estate professionals say the program was basically doomed from the start. In its first iteration, the FTHBI allowed households with a maximum annual income of $120,000 to borrow four times that amount. For someone making a minimum down payment, the most expensive home they could purchase was $505,000.
“The program was recklessly rushed to market, inadequately thought out, overly convoluted and insufficiently marketed,” Robert McLister, mortgage strategist and editor of MortgageLogic.news, said in an e-mail. “They’re not contributing to maintenance or if you put in a new kitchen,” Mr. Laird said. “But if you sell, they get their percentage.”
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