MP Kent Hehr with Trico Homes team
Homebuyer market got some much needed federal help, as the Government of Canada launched an innovative new tool to help middle class Canadians buy their first home.
The federal government launched a new national program on September 2, 2019, aimed at helping thousands of families across the country buy their first home. Called the First-Time Home Buyer Incentive (FTHBI), the program offers eligible buyers up to 10 per cent of a home’s purchase price to put toward their down payment, thus lowering mortgage carrying costs and making home ownership more affordable.
The FTHBI works by reducing monthly mortgage payments required for first-time homebuyers without increasing the amount they need to save for a down payment. This program complements other measures taken in Budget 2019 to support first-time homebuyers with their down payment such as an increased RRSP withdrawal limit from $25,000 to $35,000. The Government of Canada has allocated $1.25 billion over three years (starting in 2019) for this program. The Incentive will be available to first-time homebuyers with qualified annual household incomes of up to $120,000.
At an event hosted by Trico Homes announcing the launch of the program, The Honourable Kent Hehr, Member of Parliament for Calgary Centre, says he is confident that this is just the boost that the ailing housing market in Calgary needs.
“The First-Time Home Buyer Incentive will reduce monthly payments on a first mortgage by up to $286 for 100,000 families across Canada looking to buy their first home — that’s a significant savings per year,” Hehr says.
The event was held at Trico Homes’ Gem Series homes in Redstone in the northeast, and Trico Homes President, Tom Chisolm, says he is hopeful that the incentive gives buyers “a reason for optimism” in buying their first home.
“It has become very challenging for many first-time buyers to enter the market. As a result, Trico Homes has worked very hard to create innovative new products for first-time buyers that are not only affordable but also offer desirable features and the most square footage possible within their budget. Trico’s new RedStone Gems product line combined with the new First-Time Home Buyer Incentive is a positive step forward in helping them achieve their home ownership goals,” Chisolm says.
For more information on the incentive, go to www.placetocallhome.ca/FTHBI
