Manohar Sahota's video: New Federal assistance for qualified first time buyers

The Federal government, through CMHC, will be offering first time homebuyers with assistance for resale or new home purchases from a builder. To qualify, the buyers must have total household income less than $120,000 and can qualify to purchase a home up to $500,000.00. The government will provide a no-interest equity mortgage of 5% for a re-sale home and up to 10% for a new home from a builder. The program is scheduled to begin on September 1, 2019. It is not clear as to the terms of repayment, but given that it is announced as an equity loan, you can assume that if you sell your home later and make a profit, part of the profit will have to be shared with the government. This should also mean that if you lose money in the future on a resale, the government should share in the loss. More details will be given prior to the proposed launch of the program.