The Federal Government is launching the First-Time Home Buyer Incentive on September 2, 2019. This means, the program is ready to receive Incentive applications after September 2nd, however the first closings will not take effect until November 1, 2019. 

The First-Time Home Buyers Incentive is a shared equity mortgage, where the government shares in the upside and downside of the value of your property. The incentive enables qualified first-time buyers to reduce their monthly mortgage payment without increasing their downpayment. The home must be an insured mortgage and the incentive is applied to make up the downpayment, but can’t go over 19.99% of the purchase price.  The incentive is not interest bearing and does not require ongoing repayments. However, First-time buyers are required to repay the incentive after 25 years or if the property is sold. The repayment of the incentive is based on the property’s fair market value. 

Benefits of the First-Time Home Buyer Incentive 

The Incentive has been created for First Time Buyers only. For many Canadians, especially young people and first-time buyers, finding an affordable place to call home is not just a challenge – it feels like an impossibility. There aren’t enough houses for people to buy, or apartments for people to rent. That makes finding a good place to live too expensive and beyond what many people, especially younger Canadians, can afford. 
This incentive is designed to help young Canadians access home ownership in a fiscally responsible and affordable way. Statistically this is the demographic group with the lowest percentage of homeownership. 


Learn about the program

  • There are a few qualifiers to apply for this incentive. You need to have a minimum downpayment to be eligible, Your maximum qualifying income is no more than $120,000 and your total borrowing is limited to 4 times the qualifying income.
  • Calculate your maximum purchase price and what you could receive as an incentive.
  • Review the program details – Check out all the FACTS YOU NEED TO KNOW including how much the Government of Canada is offering and how much you will need to pay back on my blog post
  • Start looking for a home

Determine Your Eligibility 

Contact Barb Pinsent at Mortgage By Barb who will review the program requirements with you, so you can make sure that this is the program for you. 

Choose Your Incentive and Apply

Barb will help guide you through this step of the process by reviewing the details and giving you all the information to assist with selecting the right incentive for you. You will then need to read, print and sign the application documents and Barb will submit these documents to the lender when an offer is written.  


If you are looking at purchasing your first home and have additional questions about the First Time Home Buyers Incentive, contact Barb on 780-370-1490. Barb will answer all your questions relating to the Incentive and your mortgage options.