CMHC announces details of the new shared-equity program

2020-07-08T16:23:44-04:00

CMHC announces details of the new shared-equity program In a move first announced in the Budget in March, the federal government has allocated $1.25B over 3 years for CMHC to provide shared-equity mortgages to reduce the mortgage costs for first-time home buyers. The program is called the First-Time Home Buyer Incentive. CMHC recently released details about how the program will work. See below for links to more information. The program would allow for interest-free loans of up to five per cent for existing homes and up to 10 per cent for new homes, provided the government receives the equivalent equity stake in the property. [...]