Effective May 3, 2021, the Federal Government expands the First Time Home Buyer Incentive program to enhance eligibility in Toronto, Vancouver and Victoria Census Metropolitan Areas (CMA) as defined by Statistics Canada.
What you need to know
In Toronto, Vancouver and Victoria CMAs, the:
- Maximum total qualifying annual income is $150,000, an increase from $120,000
- Maximum mortgage loan amount plus incentive cannot exceed 4.5 times the total qualifying income, an increase from four times
Note: Eligibility remains unchanged for the rest of Canada.
What you need to do
- Check out www.placetocallhome.ca, tools will be updated, including the existing calculator tool where borrowers can input the postal code of the subject property to determine if they qualify for the enhanced eligibility.
- For new construction, where there is no postal code assigned, borrowers can use the closest available postal code within the same CMA.
Feel free to call me to go over your situation and discuss the options you have.
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