Real Estate

Expanding the First Time Home Buyer Incentive

  • Last Updated:
  • May 4th, 2021 10:57 am
[OP]
Sr. Member
Jul 15, 2019
629 posts
474 upvotes

Expanding the First Time Home Buyer Incentive

https://www.placetocallhome.ca/fthbi/fi ... nt=english

Canada Mortgage and Housing Corporation has announced that the Government of Canada has expanded the eligibility criteria for the First Time Home Buyer Incentive (FTHBI) in the higher priced markets of Toronto, Vancouver and Victoria, effective as of today May 3rd, 2021.
Start preparing today:
• Find out now if the home you are looking to buy is located in the Census Metropolitan Areas (CMAs) for Toronto, Vancouver and Victoria.
• Use this calculator to review different scenarios and help inform your decision.
The FTHBI makes it easier for you to buy a home and lower your monthly mortgage payments. While the program originally had uniform eligibility requirements across Canada, expanding eligibility requirements in higher priced markets will support more first time homebuyers.
For eligible applicants in Toronto, Vancouver and Victoria, the key changes include:
• Raising the annual household income threshold from $120,000 up to $150,000.
• Increasing the borrowing amount for eligible applicants from 4.0 to 4.5 times their annual household income.
• The original parameters will remain the same in all other housing markets.
2 replies
Newbie
Sep 6, 2013
65 posts
83 upvotes
Hamilton
Am I reading this correct, to be eligible you cant have a household income over 150k lol?
[OP]
Sr. Member
Jul 15, 2019
629 posts
474 upvotes
mikelkoby123 wrote: Am I reading this correct, to be eligible you cant have a household income over 150k lol?
Yes up $30K from the previous $120K threshold. Most people actually tell first time homebuyers to stay clear of this incentive anyways, but the option is there and a little better than before... all be it not by much.

Top