Transcription
HEY GUYS, SO WHAT IS THIS NEWLY IMPLEMENTED FIRST TIME HOME BUYER INCENTIVE HAS TO OFFER? FIRST OFF, TO BE ELIGIBLE ONE HAS TO BE A CANADIAN CITIZEN OR PERMANENT RESIDENT, HAS TO SATISFY THE DEFINITION OF FIRST TIME BUYER AND THE HOME BEING BOUGHT, HAS TO BE USED AS PRINCIPAL RESIDENCE. INCENTIVE AMOUNT BEING OFFERED IS 5% TOWARDS RESALE HOMES OR 10% TOWARDS NEWLY CONSTRUCTED. DOWNPAYMENT INCLUDING THIS INCENTIVE AMOUNT PLUS THE MINIMUM REQUIRED 5% FROM BUYERS, HAS TO BE LESS THAN 20%. HOUSEHOLD INCOME IS CAPPED AT $120,000 A YEAR. FURTHERMORE, PURCHASE PRICE OF THE HOME HAS TO BE LESS THAN THE SUM OF FOUR TIMES HOUSEHOLD INCOME PLUS THE MINIMUM REQUIRED DOWNPAYMENT FROM BUYERS. LASTLY, YOU WILL BE REQUIRED TO PAY BACK TO CMHC, AMOUNT CALCULATED BASED ON VALUE OF THE HOME, AT THE END OF 25 YEARS OR WHEN YOU SELL THE HOME, WHICHEVER COMES FIRST. GIVEN ALL THESE STIPULATIONS AND VALUE OF HOMES IN GTA, I FEEL BENEFITS FOR FIRST TIME BUYERS THAT GOING BE FAR LESS THAN ANTICIPATED. YOU GUYS TAKE CARE!