Tag Archive: first-time buyer


First-Time Home Buyer Incentive Revamped

The Liberal government wants to give its much-criticized First-Time Home Buyer Incentive (FTHBI) a redo. In its Fall Economic Statement this week, the government said it’s going to make it easier for borrowers to qualify. Effective “spring 2021,” first-timers who use the program will be able to purchase a home up to 4.5 times their household income (currently four times)...

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Rumoured: HSBC Canada to Re-enter Mortgage Broker Market

—The Mortgage Report: Oct. 23— It seems HSBC Canada may start selling through mortgage brokers once again. The bank had a “Head of Mortgage Broker Channel” job posting on its website until this morning. We then confirmed with a separate reliable source that the news appears to be true. HSBC was not able to comment by press time. The move...

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The FTHBI Becomes More Useful (to First-Time Buyers)

It didn’t take the government long to propose changes to the First-Time Home Buyer Incentive (FTHBI). Just 10 days after the program launched, and following criticism that the Liberals’ new program didn’t address housing needs in high-priced markets, the Libs have tweaked it. Effective as soon as November, if you live in one of three high-cost regions, qualifying for the...

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First-Time Home Buyer Incentive. A Bridge to Nowhere?

If you’ve been waiting for details about the First-Time Home Buyer Incentive (FTHBI) program, hoping it would help you qualify for a mortgage, you may be disappointed. The government finally showed all its cards with the FTHBI scheme and we can’t find many cases where it would actually improve someone’s buying power—i.e., bridge the gap between high home prices and what...

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The Latest on Ottawa’s First-Time Home Buyer Program

The details on the government’s much-hyped First-Time Home Buyer Incentive (FTHBI) continue to trickle out. The latest clues on its operation come from Evan Solomon’s interview with CMHC CEO Evan Siddall. In that interview, Siddall comments on some lingering FTHBI question marks, namely: The Maximum Home Price The maximum home price under the First-Time Home Buyer Incentive ranges from $505,000...

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Down Payment Assistance Programs Across Canada

So many young people want to build home equity and get out from under their landlord’s thumb. But they can’t. They don’t have the down payment to qualify for a mortgage. For many modest-income Canadians, saving up the 5 percent minimum down payment (or 20 percent if you want to avoid CMHC insurance) can take years—many, many years. While some...

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Advice Valued More than Ever

It used to be a lot easier to understand mortgages. But since January 2016 alone, we’ve seen: Minimum down payments increased to 10% for any portion of a mortgage above $500,000 Restrictions on refinancing Rates become much more dependent on: loan-to-value (because of changes to default insurance) amortization credit scores A stress test required for all insured mortgages, using the...

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