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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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The program was held back in part by eligibility issues, including income and mortgage size.

·Montreal, Canada
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Bias Distribution

  • 62% of the sources lean Left
62% Left

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Le Devoir broke the news in Montreal, Canada on Friday, March 1, 2024.
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