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Brand NEW CHANGES that help First Time Buyers in the GTA!!!!

Effective May 3, 2021, the Federal Government will be expanding the First Time Home Buyer Incentive program to enhance eligibility in Toronto, Vancouver and Victoria Census Metropolitan Areas (CMA) as defined by Statistics Canada.

What you need to know

In Toronto, Vancouver and Victoria CMAs, the:

  • Maximum total qualifying annual income is $150,000 (an increase from $120,000)

  • Maximum mortgage loan amount plus incentive cannot exceed 4.5 times the total qualifying income (an increase from four times)

Note: Eligibility remains unchanged for the rest of Canada.

Need a reminder of what this program is?

  • This is the equity sharing program where the client can borrow 5% of the purchase price on resale homes or 5% or 10% on new construction homes to increase their down payment on the property and make their mortgage more affordable

  • Clients still need to qualify (yes, stress test) for the mortgage to get approved

  • Clients still need to have the minimum required down payment

  • For clients who want their payments to be a bit more affordable this program could be a good addition for them. Previously it was under-utilized as the income and borrowing limits were set too low for the average GTA and GVA properties.

You can find all the information you need about this program at or reach out and we are happy to help you go through it.


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