Canada Ends First-Time Homebuyer Incentive
The Canadian Mortgage and Housing Corporation discontinues a program aimed at assisting first-time buyers, facing criticism for its limited impact and complexity.
- The Canadian Mortgage and Housing Corporation (CMHC) announced the discontinuation of the first-time homebuyer incentive, effective immediately.
- Deadline for new or resubmitted applications set for midnight ET on March 21, 2024.
- Launched in 2019, the program aimed to reduce monthly mortgage payments for first-time buyers by offering a government loan for a larger down payment.
- Critics argue the program was restrictive, complex, and had a limited impact, especially in high-priced markets.
- As of the end of 2022, CMHC had committed $329 million to about 18,500 applications out of a $1.25-billion commitment.
Financial Post 
CBC 
