Details of federal home buying incentive unveiled

OTTAWA — The federal government has revealed details of the $1.25 billion incentive program for first-time home buyers announced in this year’s budget. Beginning this week, first-time buyers with household incomes of less than $120,000 per year could save some $280 each month on a $500,000 home, with no increase to their down payment, according to the minister responsible for the Canada Mortgage and Housing Corp, Jean-Yves Duclos. The program works as a shared equity between the buyer and the government through the latter’s mortgage insurers, including CMHC.