Homebuyers Shun CMHCs First-Time Home Buyer Incentive
The federal government’s First-Time Home Buyer Incentive (FTHBI) was meant to offer a path to homeownership for those unable to tap the “Bank of Mom and Dad” for down payment assistance.But first-time buyers have largely rejected the equity-sharing program that was first unveiled in September 2019, according to data tabled in Parliament and published by iPolitics.
Now halfway through the $1.25-billion three-year program managed by the Canada Mortgage and Housing Corporation (CMHC), only 14% of funds ($178 million) have been doled out to support first-time buyers. That translates to 9,804 buyers who have taken advantage of the program so far, well short of the 100,000 buyers the government expected to assist over the life of the FTHBI.
Article Written By: Steve Huebl
Original Article Posted on: June 23, 2021
Link to Original Article: https://www.canadianmortgagetrends.com/2021/06/homebuyers-shun-cmhcs-first-time-home-buyers-incentive