CMHC First-Time Home Buyer Incentive | Is It Worth It?

If you are considering purchasing a home in Canada as a first time home buyer, chances are you have heard of some incentive programs that you can potentially save some money with. A more recent one that started in 2019 and has recently gone under some changes (May 2021), is the First-Time Home Buyer Incentive program run by the Canadian Mortgage and Housing Corporation (CMHC) and the government of Canada.

In this video, I will go over the details of this program outlining the eligibility requirements and a real life example.

To learn more about the program, you can read more at the CMHC website here:

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Matt Carter is a London, Ontario real estate agent with Prestige Brokerage Inc. at The Realty Firm. If you want to work with someone who is looking out for your every need there’s no need to look any further. Matt's guarantee to you is that he will work hard on your behalf to secure the best deal possible and take as much stress out of the process as I can

[MortgageBrokerLondonOntario]

Great video :)

I've had a few questions on it, especially when it first came out - But when buyers find out what actually involved (with the government owning a portion of your property) they run for the hills lol. I haven't completed any mortgages where the buyers used it.



It doesn't add a whole lot more buying power anyway. I really think its only good if you absolutely need to (e.g. if you're just out of reach to qualify for your dream home).

[theworddoner]

In regards to this program, would you still qualify if you put a larger down payment?

Let’s say I qualify for this with the 5% down payment.
I want to put 20% down on a home. I would still like to use this program to bring the down payment up to 25%.

Is that allowed? The main reason why I want to do this is because the interest rates are a bit high. A higher down payment would reduce the overall interest payment. Plus I’m not a fan of the CMHC home insurance program.

[MattCarter]

Do you know anyone that has used the CMHC First-Time Home Buyer program?