Tweaks to the First-Time Home Buyer Incentive
The federal government is making changes to the First-Time Home Buyer Incentive for prospective homeowners in some of Canada’s priciest real estate markets.
The changes will allow eligible buyers in Victoria, Vancouver and Toronto to purchase a home worth up to 4.5 times their household income, up from the current cap of four times annual income. It also raises the maximum household income threshold to $150,000 from $120,000, a move the feds say will make first-time buyers in those cities eligible to buy a home for as much as $722,000 from the current $505,000.
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