Mortgage Professionals of Canada estimate that at least 5,000 home buyers will annually be beneficiaries of the new Federal government first time buyer program.
The National Housing Agency is committed to spending $1.25 billion over the next 3 years. The government will pay up to 10% of the purchase price in exchange for a stake in the home.
The liberal government estimates that this program may be used by as many as 100,000 first time buyers. Many remain skeptical of such a robust number of buyers partaking in the program because average prices in the G.T.A. remain north of $825,000.
Presently the stated maximum purchase price is approx. $565,000. Eligible buyers combined yearly income must be less than $120,000.
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