The First-Time Home Buyer Incentive is a shared-equity mortgage with the Government of Canada, which offers 5% for a first-time buyer’s purchase of a resale (existing) home.

These are a few criteria to determine your eligibility for the First-Time Home Buyer Incentive:

• your total annual qualifying income doesn’t exceed $120,000 ($150,000 if the home you are purchasing is in Toronto, Vancouver, or Victoria)
• your total borrowing is no more than four times your qualifying income (4.5 times if the home you are purchasing is in Toronto, Vancouver or Victoria )
• you or your partner are a first-time homebuyer
• you are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada
• you meet the minimum down payment requirements with traditional funds (savings, withdrawal/collapse of a Registered Retirement Savings Plan (RRSP), or a non-repayable financial gift from a relative/immediate family member)