Conservative MPs urge feds to eliminate First-Time Homebuyer Incentive

Mortgage Purchasing New Immigrants

The CMHC wanted to see twenty thousand people take usage of there shared-equity mortgage. Their annual report for 2019 showed that only 2,950 Canadians were currently approved through the FTHI. These projections aren’t looking good and further criticism is being thrown by people such as Tom Kmiec who had predicted that the costs were too high and that Canadians didn’t want the government to have an ownership stake in their homes. The only appeal of this program for many is small payments but doesn’t actually help people qualify.

Key Takeaways:

  • Conservatives in the Canadian government have raised issues over an incentive for first-time home purchasers.
  • The criticisms focused around the expense of the program and the fact that it hasn’t resonated with home buyers.
  • However, others think that canceling the program would be a bad idea.

“The equity component of the program may indeed be the sticking point for many Canadians, says Streetwise Mortgages’ Dalia Barsoum, who compares the program, rather unfavourably, to mortgage deferrals.”

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