First-time homebuyer incentive discontinued: CMHC
- The Canadian Mortgage and Housing Corporation has discontinued the First-Time Home Buyer Incentive program due to unrealistic requirements in costly markets like Vancouver and Toronto.
- The program was launched in 2019 to aid 100,000 first-time buyers, but only 22,826 applicants were approved, with $409 million dispersed. Most approvals were in British Columbia and Ontario.
- Mortgage experts criticize the program's ineffectiveness and suggest a 30-year amortization period as a better alternative for insured borrowers needing mortgage insurance.
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Coverage Details
Total News Sources0
Leaning Left7Leaning Right2Center6Last UpdatedBias Distribution47% Left
Bias Distribution
- 47% of the sources lean Left
47% Left
L 47%
C 40%
13%
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