The End of The First-Time Home Buyer Incentive Program

The First-Time Home Buyer Incentive Program has been discontinued effective midnight on March 21, 2024.

This shared equity program was launched September 2019 to make homeownership more accessible to Canadians by providing interest free loans of 5% or 10% of the purchase price in exchange for a stake in the home’s equity. This program has helped many first-time homebuyers by providing lower monthly payments with the increased down payment.

The program had its limitations with income restrictions and maximum purchase price but was instrumental in assisting over 18,000 first-time home buyers enter the housing market since its inception.

If you currently have a pre-approval in place using the program and will not have an offer on a property before March 21, 2024, deadline, please reach out to your Mortgage Broker to work through a new approval and discuss the changes due to the termination of the program.

If you want more details about the program or the cancellation check out the First-Time Home Buyers Incentive website here.