A new incentive for first-time home buyers! 😮🤩
You could receive up to 10% for new builds and 5% for existing homes from CMHC, which would go towards your mortgage. Only households with an annual income of under $120,000 can participate.
Basically the incentive will lower your mortgage payments as you'll be borrowing less. You will have to pay back the 10% or 5% at some point but they haven't made it clear when or how you'll do that.
For now we know it will make buying a home that much more affordable for people entering the market. 😀
Want more details? 👇