The federal government's First-Time Home Buyers Incentive (FTHBI), run by the CMHC, aims to help first-time home buyers by sharing the cost of their mortgage payments with a shared equity mortgage (SEM).
The incentive offers up to 5% for a resale home, or up to 10% for a newly built home, towards your down payment in exchange for an equity stake in your property. This makes purchasing a home more attainable for those struggling to save enough money.
As of September 2022, the CMHC had committed $311 million towards 17,448 approved applications. That’s out of the $1.25 billion that the government has budgeted for the program until March 31, 2025.