The CMCH First-Time Home Buyer Incentive has not funded much of its anticipated financial needs for the coming year. The program allows the government of Canada to offer interest-free loans to first-time homer buyers with the goal of increasing home ownership especially those who do not currently own. The program is criticized for being overly bureaucratic and complicated. There is also reticence on the part of the potential home owners that due to the nature of the program do not have full ownership of their homes.
- This February marked the four month anniversary of the Canadian Mortgage Housing Corporation.
- In that short time period the CMHC has only managed to fund a mere 4% of its three year goal.
- The company’s pay down assistance program, launched in September, netted only slightly over 3000 applicants.
“That translated into total funding of $51.3 million—well off pace of the agency’s three-year target of $1.25 billion.”