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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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24 Articles
24 Articles
Coverage Details
Total News Sources24
Leaning Left15Leaning Right2Center6Last UpdatedBias Distribution65% Left
Bias Distribution
- 65% of the sources lean Left
65% Left
L 65%
C 26%
Factuality
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