Federal budget provides first time home buying incentives
MEDICINE HAT, AB — If you can’t afford to buy your first home, the Canadian government may soon kick in and help.
It was announced as part of the 2019 federal budget that prospective buyers who have the minimum down payment for a home can now apply to finance between five and 10 per cent of their mortgage.
“I think it’s something that buyers, especially first time buyers should take advantage of because what it will do is bring down the price of your mortgage and that would help in day to day management and making it more, mortgage easy.” realtor Zain Naqvi said.
But not everybody thinks this is a great idea for first time buyers. MaxWell Team Realty owner and Realtor Jennifer Boyle feels that it is just increasing debt rather than building equity.