August 7, 2019

Liberals’ mortgage help for first-time buyers lands Sept. 2

The Liberals’ mortgage help program is intended to help first-time home buyers in Canada. The new program will launch at the end of summer, on Labor Day. It will help pay up to 5 percent of a mortgage for an existing home for any mortgage up $480,000 – provided the buyers are purchasing their first home and earning less than $120,000 annually. There is a provision for paying for ten percent of any new home construction under the same program. The money will need to be repaid when the home is sold or after 25 years of living in the home.

“The government’s plan will see it pick up five per cent of a mortgage on existing homes for households that earn under $120,000 a year, on a mortgage of no more than $480,000.”

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