The New Government Program may be easier understood through examples.
For a full brochure on the program & qualifications, etc., kindly contact me and I can email you a full brochure @ firstname.lastname@example.org
Here's the second situation:
"John has a qualifying income of $83,125.
To be eligible for Canada’s First-Time Home Buyer Incentive, he can purchase a home up to
$350,000. John still has the required minimum down payment of 5% of the purchase price,
$17,500 from his savings. He can receive $35,000 in a shared equity mortage — 10% of a
newly constructed home.
This would reduce John’s mortgage payments by $200 a month or $2,401 a year.
Years later, John has decided to sell his home, but it is now worth $320,000. When he sells
his house at the price of $320,000, John will have to repay the original incentive he received
as a percentage of his home’s current value. This would result in John repaying 10%, or
$32,000 at the time of selling his house."
*if prices decline
* These examples are for illustrative purposes only. Anita/John will need to repay the incentive at 10% of the fair market value when they sell the property or after 25 years, whichever is earliest. All property values and home prices used in this example are not an indicator on how property values are forecasted.
Info Courtesy of Capital Lending Centre!
As a realtor, I believe it's important for buyers to be informed and able to act decisively!
Is this program for everyone? no.