There were 3,209 sales in April, a new record high for the month, as Calgary’s housing market continues to bounce back from the pandemic lows recorded in 2020.
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Market Insider September 2019
Sales activity increase led by lower-priced homes
Increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000.
Rising sales for homes priced under $500,000 offset sales declines in the higher price ranges. This caused August sales to improve by six per cent compared to last year.
First-Time Home Buyer Incentive
First-Time Home Buyer Incentive
The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.
The First-Time Home Buyer Incentive makes it easier for you to buy a home and lower your monthly mortgage payments. This program is a shared equity mortgage. This means that the government shares in the upside and downside of the property value. It allows you to borrow 5 or 10% of the purchase price of a home. You pay back the same percentage of the value of your home when you sell it or within a 25-year window.
It works like this:
- You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000. If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.
- You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.
Just as the name implies, this incentive is for first-time homebuyers. You’re considered a first-time homebuyer if:
- you have never purchased a home before
- you did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years (the 4-year period begins on January 1 of the fourth year before the Incentive is funded and ends 31 days before the date the Incentive is funded)
- you have recently experienced the breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements)
For all this and more, visit: www.placetocallhome.ca
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First-Time Home Buyer Incentive
The First-Time Home Buyer Incentive (the Incentive) helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.
You need to have the minimum down payment to be eligible. You can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. Your maximum qualifying income is no more than $120,000 and your total borrowing is limited to 4 times the qualifying income.