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. Photo: (Gian Paolo Mendoza/CBC) CANADACANADA eng First-time homebuyer incentive is discontinued, says federal housing agency by admin 4 مارس، 2024 written by admin 4 مارس، 2024 68 RCI Deadline for last round of new or resubmitted applications is midnight ET on March 21, 2024 The first-time homebuyer incentive has been discontinued by the Canada Mortgage and Housing Corporation (CMHC), the federal agency announced on Thursday. The deadline for new or resubmitted applications to the program is midnight ET on March 21, 2024, according to the CMHC’s website. 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. The government offered a loan up to 10 per cent of the purchase price that would go toward a larger down payment and thereby reduce monthly payments. 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. Is Canada’s housing market headed for a rebound? With inflation slowing, a Bank of Canada interest rate cut could be on the way. The National’s Adrienne Arsenault asks John Pasalis of Realosophy Realty to break down what could be coming next for the housing market. The program was hampered in part by eligibility issues including limits to household income and the size of a mortgage the buyer could take on. Restrictions made only a small pool of applicants eligible We had a lot of young Canadians asking about this program, said Leah Zlatkin, a mortgage broker and lowest rates expert in Toronto. However, applicants were required to meet specific criteria (new window) — including qualifications related to annual income and cash savings — that made the program restrictive. Only two of Zlatkin’s clients qualified for it in the entire time that program was running, she said. Other clients bowed out when they understood that they’d be entering a co-ownership agreement with the government. When they understood it was a shared equity program, many people weren’t as interested, said Zlatkin. They ended up financing elsewhere, because they didn’t want to share the equity as it appreciated, she added. While Zlatkin thought the program was a good idea, it was an administrative nightmare, with the cost of the administration involved far outweighing the number of successful applicants, she said. If so few people are actually utilizing the program, why run it? Jenna Benchetrit (new window) · CBC News 0 comment 0 FacebookTwitterPinterestEmail admin previous post Halifax police investigate late night stabbing in Dartmouth next post La stérilisation forcée au cœur d’un projet de loi au Sénat You may also like مساعدات كندية إنسانية وتنموية للبنان بقيمة 65 مليون... 5 مايو، 2024 Nova Scotia legislature flags at half-mast to mark... 29 أبريل، 2024 Bidders express interest in buying all or part... 29 أبريل، 2024 What Trudeau’s podcast appearances say about the Liberals’... 29 أبريل، 2024 First, she aimed to transform Canada’s military culture.... 29 أبريل، 2024 [تقرير] الهجرة المغاربية في مقاطعة كيبيك 29 أبريل، 2024 أونتاريو: نائبة تتحدى أمراً بنزع كوفيتها وتتعهد بمواصلة... 27 أبريل، 2024 تمويل فدرالي وكيبيكي بقيمة 100 مليون دولار دعماً... 27 أبريل، 2024 First court appearance for boy and girl charged... 27 أبريل، 2024 Province officially reaches tentative deal with teachers 27 أبريل، 2024