WATCH: Federal budget 2019: Incentives for first-time home buyers, skills training
Can’t afford to buy a house? The government may take on part of the cost.
That is the gist of the boldest proposal that Budget 2019 puts forth to help more middle-income Canadians fulfill their homeownership dream.
Under the new CMHC First-Time Home Buyer Incentive, the Canada Mortgage and Housing Corporation would use up to $1.25 billion over three years to help lower mortgage costs for eligible Canadians.
The money would go to first-time home buyers applying for insured mortgages. Borrowers would still have to pony up a down payment of at least…