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CMHC First Time Home Buyer Incentive Program

Tuesday Jul 09th, 2019

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What The Program Is The Program was announced in March 2019 and aims to make housing more affordable for first-time Buyers in Canada. The Canada Mortgage and Housing  Corporation (CMHC) contributes part of the downpayment in exchange for sharing in the appreciation (or loss) when the home eventually sells. This becomes a shared equity arrangement. For resale homes, CMHC will contribute up to 5% towards the downpayment; for new construction homes and condos, they’ll... [read more]

Buy a home for 5% down. What you need to know.

Sunday Jun 16th, 2019

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Buy a home with only 5% Down? CMHC Any home purchased with less than 20% paid as a downpayment is dinged with mortgage insurance by the Canadian Mortgage and Housing Corporation (CMHC). This protects the bank, not you. This is there for the banks in case you default on your mortgage. Let's be honest. Banks and other lending institutions are handing out mortgages to people who probably shouldn't have qualified for what they were given. There's also a difference here... [read more]

First-Time Homebuyer? Read This Guide!

Tuesday May 14th, 2019

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There are several key elements to consider when buying your first home. Some might neglect a few of these and be surprised after signing an Agreement of Purchase and Sale or upon closing. Read on to learn more.   Land transfer tax You must pay a provincial and/or municipal (if in Toronto) land transfer tax when you acquire land. It is calculated based on the purchase price, and will vary depending on which province where the land is. This applies only to resale... [read more]

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