First Time Home Buyer incentive | What we know so far
Bill Fraser • 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!
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You’ve found the right home, your offer’s been accepted, and your financing is approved—congratulations! But before you can pick up the keys and celebrate, there’s one more important stage: the closing process. Closing is the final step in your homebuying journey, where all the paperwork, legal details, and financial transactions come together. It can feel overwhelming if you don’t know what to expect, but with the right preparation, closing can be smooth and stress-free. Here’s a step-by-step guide to help you understand the process. Step 1: Hire a Lawyer or Notary A real estate lawyer (or notary, depending on your province) handles the legal side of closing. They will: Review the purchase agreement and mortgage documents Conduct a title search to confirm the seller has the legal right to sell the property Ensure the mortgage lender is properly registered on the title Handle the transfer of funds between you, the lender, and the seller Your lawyer or notary will be your main point of contact during closing, so choose one you trust and who communicates clearly. Step 2: Finalize Your Mortgage Your lender will send the mortgage instructions directly to your lawyer or notary. At this stage: You’ll provide proof of property insurance (lenders require this before releasing funds) You’ll confirm your down payment and closing costs are available in your lawyer’s trust account The lawyer will prepare all documents for your review and signature Step 3: Pay Closing Costs Closing costs typically range from 1.5% to 4% of the purchase price. These can include: Legal fees Title insurance Land transfer tax (where applicable) Adjustments for property taxes or utilities prepaid by the seller Home inspection or appraisal fees (if not already paid) Your lawyer will provide a final statement of adjustments so you know exactly how much is due on closing day. Step 4: Sign the Paperwork A few days before closing, you’ll meet with your lawyer or notary to sign all the necessary documents, including: Mortgage agreement Title transfer Insurance confirmations Statement of adjustments Bring valid government-issued ID to this appointment. Step 5: Transfer of Funds On the day of closing: Your lender sends the mortgage funds to your lawyer Your lawyer combines these funds with your down payment and pays the seller Legal ownership of the property is transferred into your name The lender is registered on title as a secured creditor Step 6: Get the Keys! Once the paperwork is filed and the funds have cleared, your lawyer will confirm that the transaction is complete. You’ll then get the keys to your new home—officially making it yours. The Bottom Line The closing process is a series of important steps, but with the right team in place, it doesn’t have to be stressful. By working closely with your mortgage professional and lawyer, you’ll have guidance every step of the way—from signing the documents to turning the key in the front door. If you’d like help preparing for the closing process—or want a clear breakdown of your own closing costs— connect with us today.
