The program is here! A few highlights on this initiative:
- interest-free shared equity loan available (5% on existing homes, 10% on new homes)
- Income requirments required of $120,000 or less
- loan cannot exceed 4 times your income
- available to First Time Home Buyers only
- payable in full when the house is sold or at the end of the 25 years
- possession date must be after November 2, 2019
- you must come up with the first 5% down payment on your own
- equity is shared meaning you lose money on the home when sold you don’t have to pay the full loan back if you make money, you must share in your equity
The goal with the incentive is to reduce the carrying costs of the homeowner. A good place to start is https://www.placetocallhome.ca
I look forward to your questions and finding you a place to call home!
