CMHC First-Time Home Buyer Incentive (Explained)

CMHC's 2019 First-Time Home Buyer Incentive Fully Explained
Buying your first property is an incredible accomplishment, but with the rising price in real estate, it's getting harder and harder for people to purchase their first home. You've heard about the CMHC rolling out this first-time home buyers program, but aren't completely sure what it is or if you qualify for it. From what I've heard, some people believe that this will help you afford a home if you didn't previously qualify, however this is not the case.
In this video, I'm going to breakdown exactly what the CMHC First-Time Home Buyer Incentive is, who qualifies for it, and if it really is even worth doing.

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[maxidal]

Thanks for the quick info. This won't work in Toronto where price of the House and Condo has gone up badly.

[PROCanadian]

Fall in love for your examination, Bro stay blessed, worthwhile watching, I SUBSCRIBE,

[RickLSun]

You forgot the save from the CHMC mortgage insurance due to the increase of downpayment

[TamunoOpuboCooksCookeyGam]

I think the earnings cap will keep this program in the long term.
I've seen some videos that suggest that the high appreciation rates are virtually limited to highbrow homes.
If that is the case, those who are below the earnings cap would qualify for homes that will not appreciate wildly.
Plus if the monthly earnings saved are put in some other investment, such as stocks, the growth potential may outweigh the equity shared to the government.

[AvneeshDwivedi]

I believe we should also include the rent which we would have to pay otherwise, assuming the 'first-time' home buyer was staying in a rental property before getting their first home. If we include $1500/ month for living in a similar property for 1 year (just an example time frame needed to save an extra 5% downpayment), that's an additional $18, 000 expense which we would save by living in our own house. We can also include the opportunity cost of buying the house 1 year later.

[StevedoesSMC]

Can you pay the government loan back early and buy back that equity in your property?

[nickstewart]

If the government provides, let's say 10%, does that combined with your 10% down-payment void the need for the mortgage insurance because you technically have 20% down, or do they still consider that only 10% down?

[sakibbasheer]

What if you have 15% percent down can you apply for this program to make it 20%? ex for a 500k property

[sirraymondluxuryyacht]

Personally I don't like the idea of the government having a stake in any property I'd own. But they kinda have that by way of property taxes anyway - What I mean by that is, they have control to force a sale if you can't/won't pay the taxes...so you never really 'own' ...it's just a lease in reality

[Chrischandon]

how do you qualify for a 3rd house with CMHC?

[Alpha-gjrw]

$400, 000 property = a garbage bin in the gta

[GetKabani]

Are any of you planning on taking advantage of this program? Let me know in the comments!

[ChoicesHabitsAttitudeLuck]

I just called them awhile ago. This program is useless. You still need to come up with your own money as downpayment. So there. Just to save time for those who are searching for answer.