First time homebuyer

[Leo Merchant]

I am a 20 year old with big dreams, and have a few questions. In Canada and we have a first time homebuyers program from the government, where if you are a first time home buyer you can put down 5% on a property up to 500k, 10% from 500-1 million and 20%

Million onwards. Ie: I can buy a 750k property for

50k essentially. Math breakdown: first 500k is 5% down so 25k and next 250k between (500k and 1million) is 25k.

My question is what sort of property qualifies as a first time home buyers property? Would a triplex, duplex, or a multiplex be considered?. I will be planning to house hack, live in one of the units.

Another question I have is how much down payment would I need to purchase a commercial Multifamily?

In Canada I’ve here’s its anywhere from 15-30%. The down payment with a experienced property manager and a building producing good cash flow.

Thanks,

Merchant.