First Time Home Buyer

[Hai Loc]

With the rising home prices in Toronto GTA Ontario..

The government has has implemented a first time home buyers incentive for you to buy a home with a downpayment between 10-15% and avoid CMHC taxes..

One of the requirements is having income under $120k

The province is willing to lend you 5-10% towards your Downpayment with no interest and payments until you sell your home within 25 years.

However they are basically investing with you as they want the same amount of equity as they lent you. So a 10% loan 10% equity including appreciation

I have to say that this should give buyers confidence as the government expects a healthy market