This Government incentive which was introduced in 2019 is coming to an end, sadly it did not help most home buyers as they did not meet the program qualifications.
The Canadian Mortgage and Housing Corporation (CMHC), a federal national housing agency, has ceased offering its down payment incentive for first-time homebuyers.
For individuals previously enrolled in this program, there are no changes — the obligation to repay the additional down payment assistance within 25 years or upon the sale of the property remains in place.
Important Notice from CMHC for active applicants:
For both new applications and resubmissions of previously rejected or withdrawn First-Time Home Buyer Incentive applications:
All submissions, including new applications and resubmissions for previously declined applications, must be received by the Program Administrator no later than March 21, 2024, at midnight Eastern Time (ET).
In cases where an application was previously rejected or withdrawn, it must be resubmitted and received by the Program Administrator before the March 21, 2024, deadline at midnight ET.
Should an application be submitted on or before the March 21, 2024, deadline and subsequently declined due to an application error, the mortgage loan insurer will be responsible for addressing the issue and resubmitting the application.
Applications submitted after March 21, 2024, will undergo manual review. Requests for such reviews must be submitted no later than March 25, 2024, at midnight ET.
Applications received before the deadlines will be processed promptly by the Program Administrator. No new approvals will be granted after March 31, 2024.
