First Time Home Buyer incentive | What we know so far
Diane Buchanan • June 21, 2019
If you’ve been hearing about a new incentive for First Time Home Buyers and wondering how it might impact you, look no further, below you will find all relevant information to date. As more information is released, you can expect to find it published here.
From the government of Canada, as part of their national housing strategy, the best source for information on this new First Time Home Buyer Down Payment Incentive / Shared Equity program can be found here: https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive.cfm
Here are some of the highlights
- The program launches Sep 2nd, 2019, first closing for Nov 1, 2019
- Mortgage amount cannot exceed 4x your household income. Max income $120k
- 5% down payment / shared equity for re-sale (existing home) available
- 5% or 10% down payment / shared equity for new construction available
- The incentive is repayable after 25 years or when the property is sold (whichever is first)
- If you have never owned a home, haven’t owned a home for 4 years, or have recently experienced a marital breakdown, you may be eligible for the incentive
- Mobile and Manufactured homes are eligible for this program
- You will still need a minimum of 5% down payment from your own source (no borrowed funds)
- The incentive will be registered as a second charge on your title
If you have any questions about this program and how it might impact you as you qualify for a mortgage, please contact me anytime!
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. While Canada's economic recovery is broadening, a new layer of uncertainty has entered the picture. Here is what happened and what it means for your mortgage.
Going Through a Divorce? Don’t Let Your Credit Take the Hit Divorce is stressful enough without adding financial fallout to the mix. Between lawyers, paperwork, and emotional strain, it’s easy to overlook how a separation can impact your credit. But your financial future depends on protecting it now—because long after the dust settles, a damaged credit score can linger. Here are a few smart steps to help keep your credit strong and your finances steady as you move forward. 1. Take Control of Joint Debts When it comes to joint debt, both parties are equally responsible—no matter what your divorce agreement says. If your ex misses a payment on an account with your name attached, your credit takes the hit too. Go through all joint credit cards, loans, and lines of credit. Wherever possible: Close joint accounts to stop future shared use. Transfer balances to the person responsible for repayment. Notify lenders in writing of any changes to account ownership. Once everything is updated, pull your credit report after three to six months to confirm all joint accounts have been closed and reporting correctly. Mistakes happen—stay proactive to prevent surprises later. 2. Open Your Own Bank Accounts Separation means financial independence, and that starts with your own banking. Open a new chequing account in your name only and redirect your pay deposits and bill payments there. At the same time, close any joint bank accounts and change passwords on existing online banking and credit profiles. Even in peaceful separations, shared access can cause confusion—or conflict. Protect yourself by ensuring your money and information are secure. 3. Start Building Credit in Your Name If most of your past credit was tied to your spouse’s name, now’s the time to establish your own. Apply for a small personal credit card or secured credit product . Use it sparingly and pay it off in full each month. This helps you build a solid individual credit history, setting the stage for future goals like buying a home, refinancing, or starting fresh financially. 4. Keep an Eye on Your Credit Monitor your credit report regularly for errors or unexpected changes. You can request free reports from both major credit bureaus in Canada— Equifax and TransUnion —once a year. Tracking your credit isn’t just about catching mistakes; it helps you see your progress as you rebuild your financial independence. Final Thoughts Divorce can be emotionally draining, but protecting your credit doesn’t have to be complicated. By taking a few careful steps now—closing joint accounts, building credit in your name, and monitoring your reports—you’ll safeguard your financial health and gain peace of mind as you start your next chapter. If you’d like personalized guidance on managing credit during or after a divorce, reach out anytime. I’d be happy to walk you through your options.
