Terrace Park Homes are Eligible for Canada’s First Time Home Buyer Incentive

As of September 2, 2019, qualified homebuyers can apply for the First Time Home Buyer Incentive Program. The incentive helps first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. 

With Terrace Park being one of the city's most affordable communities, the First Time Homebuyer Incentive makes owning a new home here even easier.

1. Review the First Time Homebuyer Incentive program provided by the National Housing Strategy here.

2. Calculate the purchase price and budget for your new potential home here.

3. Read through the documents and fill out the legal documents and forms and submit the following documents to your lender. Find all the documents here

All eligible recipients must meet the following criteria:

• You have never purchased a home before or did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years

• You have the minimum down payment to be eligible (minimum down payment of 5%)

• Your maximum qualifying income is no more than $120,000

• Your total borrowing is limited to 4 times the qualifying income 

If you meet these criteria, then you can apply for a 5% or 10% shared equity mortgage. A shared equity mortgage is where the government shares in the upside and downside of the property value.

Drop by our Terrace Park show homes on 1913 25A Street in Laurel Green and chat with our sales manager for more information. Also, be sure to talk to your lender or mortgage professional.

For a more detailed rundown of the First Time Home Buyer Incentive, you can find out more about the program here.