On March 19th the Liberal government announced its 2019 budget. The budget introduced a plan to increase housing affordability through the First-Time Home Buyer Incentive. CMHC would provide 5% of the purchase price for existing homes and 10% for new homes. It is unclear if it is the same dollar amount or the same percentage of the property value that is owed upon the future sale of the property. This incentive applies to households with an income below $120k, and mortgage values less than $480k. There is $1.25 billion in the fund, that is set to be spread out over three years starting this September at the earliest.
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