At the end of 2020, the Federal Government of Canada announced its fall economic statement. It was highly anticipated because of what's happening in the economy right now with Covid-19, and managing healthcare, the economy, and numerous other sectors in Canada and internationally. This was a very important policy update at the federal level.
The Canadian government revisited a number of measures and came up with new ones. One thing that was highly anticipated was the update to the First Time Home Buyer Incentive program, specifically for those who are trying to buy their first home in the pricey metropolitan areas of Toronto, ON, Vancouver, BC, and Victoria, BC.
The government announced that they will be expanding the First Time Home Buyer Incentive to enhance eligibility in Toronto/Vancouver/Victoria.
Here are the main highlights:
- 4.5x household income (increase from current limit of 4x household income)
- Income threshold increased from 120K to 150K
This targeted expansion means that eligible buyers in these cities can now purchase homes up to $722K, up from the previous limit of approximately $505K.
The changes are expected to come into effect in Spring 2021.
If you have any questions about the First Time Home Buyer Incentive, to see if you qualify, or if you're in the market to buy or sell a home, book a complimentary consultation today.
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