In this year’s budget, the federal government announced a program for first-time homebuyers that would offer between 5% and 10% top up from the Canada Mortgage and Housing Corporation.
If you’re buying a brand new home, the CMHC will give you 10% of the total cost, and it will offer 5% if it’s an older construction.
The idea is to give people struggling to afford their first home a break on their monthly mortgage payments. Buyers would still need to put down at least a 5% down payment. Families will have to have a net income of less than $120,000 to qualify, according to news reports.

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