Tag Archive: first-time buyer


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 this November, if you live in one of three high-cost regions, qualifying for the program may...

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 a case where it would actually improve someone’s buying power—i.e., bridge the gap between high home prices and what...

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...

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...

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...