It will be easier for Canadians to buy a house from now on. Actually from today. The First-Time Home Buyer Incentive looks to lower mortgage costs for new home buyers by giving buyers 5 or 10 per cent of the house's cost. This changes a lot of things for a lot of Canadians who want to buy a house.
Last month the First-Time Home Buyer Incentive was announced and it is now finally about to launch. Next week the government will start accepting applications for the incentive.
"The First-Time Home Buyer Incentive is designed to benefit those who need more assistance with housing costs, middle class Canadians," said Jean-Yves Duclos, minister of families, children and social development and minister responsible for the Canada Mortgage and Housing Corporation, in a press release.
The incentive is open to all Canadian citizens, permanent residents and non-permanent residents who are legally allowed to work in this country.
Also, your total income must be $120,000 or less per year individually if buying alone or that same amount combined if buying with another person.
For this incentive, a home doesn't have to be a house. The types of properties included in the incentive are single family houses, semi-detached houses, town houses, condo units, duplex, triplex and fourplex.
Read the full article on this new incentive here.
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Source and quoted from article on: www.narcity.com