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Federal budget 2019: First-time home buyers offered a break with $1.25 billion in mortgage relief

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Opposition MPs and the real estate industry have been pleading with the government to do something to help younger buyers shut out of markets in cities such as Toronto and Vancouver

Potential home buyers in cities with white-hot real estate markets got some relief in Tuesday’s federal budget with an incentive program that could lower mortgage payments for households making less than $120,000 per year.

Finance Minister Bill Morneau said the government was trying very carefully to tweak policy to create more first-time home buyers without juicing the market too much.Under the $1.25-billion incentive program, prospective buyers who have the minimum down payment for a home can apply to finance between five and 10 per cent of their mortgage via a shared equity program administered by Canada Mortgage and Housing Corporation . The 10 per cent cap applies to newly constructed homes.

The finance department hopes legislation for the new program will pass in time for a September launch.

 

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