THANKS TO EVERYONE WHO ATTENDED THE REAL ESTATE ADVENTURE
SERIES: ROCK AND REAL ESTATE ON SUNDAY JULY 7TH
Our group climbed at Sunshine Crag in Banff National
Park.The climbing area lived up to its
name, with some very nice sunshine!One
participant had never climbed before, and she loved it!We enjoyed great conversation and shared
climbing techniques.Thanks to the other
ACMG guides who assisted to make this day a success!Contact us to get put on our list for
upcoming Real Estate Adventure Series events.
A new federal program
designed to help middle class families get on the housing ladder is being
introduced while the previously announced Shared Equity Mortgage Provider Fund
will launch next month.
The federal government has announced that the First-Time Home
Buyer Incentive will reduce monthly mortgage payments for first-time buyers
without increasing their down payment.
The incentive will allow eligible first-time homebuyers who have
the minimum down payment for an insured mortgage with CMHC, Genworth or Canada
Guaranty, to apply to finance a portion of their home purchase through a form
of shared equity mortgage with the Government of Canada.
For existing homes, the incentive will be 5% while for new homes
there will be a 5% or 10% option. The larger share available for new homes aims
to boost housing supply.
The program will launch on September 2, 2019, with the first
closing on November 1, 2019.
"The First Time Home-Buyer Incentive is designed to benefit
those who need more assistance with housing costs, middle class Canadians.
Thanks to mortgage payments that are more affordable, many families will have
hundreds of dollars more each month in their pockets – money to spend on things
like healthy food, sports activities for their kids, or even save for the
future." said Bill Morneau, Minister of Finance.
The government has clarified that:
Doubling the incentive for purchasers of new homes encourages new
No on-going repayments are required, the incentive is not interest
bearing, and the borrower can repay the incentive at any time without a
The government shares in the upside and downside of the change in
the property value.
The buyer must repay the incentive after 25 years, or if the
property is sold.
The incentive will be available to first-time homebuyers with
qualified annual household incomes up to $120,000. At the same time, a
participant's insured mortgage and the incentive amount cannot be greater than
four times the participant's qualified annual household income.
"Through the National Housing Strategy, more middle-class
Canadians - and people working hard to join it - will find safe, accessible and
affordable homes. Our proposed measures will reduce the monthly mortgage for
your first home by up to $286. This will mean more money in the pockets of
Canadians and will help up to an estimated 100,000 families across
Canada," added Jean-Yves Duclos, Minister of Families, Children and Social
Development and Minister Responsible for Canada Mortgage and Housing
Shared equity fund
As announced in Budget 2019, the government is also introducing
the Shared Equity Mortgage Provider Fund, a five-year, $100-million lending
fund to assist providers of shared equity mortgages to help eligible Canadians
achieve affordable homeownership.
The fund will launch on July 31, 2019 and will be administered by
CMHC. It will support an alternative homeownership model targeted at first-time
homebuyers, help attract new providers of shared equity mortgages and encourage
additional housing supply.
Are you looking to invest in property? If you like, we can get one
of our mortgage experts to tell you exactly how much you can afford to borrow,
which is the best mortgage for you or how much they could save you right now if
you have an existing mortgage. Click here to get help choosing the bestmortgage rate.