US EditionFirst-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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24 Articles
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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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CMHC says first-time homebuyer incentive discontinued
OTTAWA — Canada's housing agency says it is ending the first-time homebuyer incentive program. Canada Mortgage and Housing Corp. says the deadline for new or updated submissions to the program is midnight eastern time on March 21.
·Thorold, Canada
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Total News Sources24
Leaning Left10Leaning Right2Center6Last UpdatedBias Distribution56% Left
Bias Distribution
- 56% of the sources lean Left
56% Left
L 56%
C 33%
11%
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