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CMHC First Time Home Buyer Incentive Calculator

First Time Home Buyer Incentive Calculator

About the Incentive Program

Apps are changing the world, enriching people’s lives, and mortgage apps are enabling home buyers to quickly seek mortgage information, search for rates, calculate their expenses, get pre-qualified, apply for mortgages and even track the progress of their mortgage all from their phone. 

Mortgage Apps are also changing the game for mortgage professionals to enable a much faster and more efficient platform to manage their client’s needs. As a result, the Canadian Mortgage App is growing into an exciting and vibrant digital ecosystem for hundreds of thousands of Canadians. Whether you are a new broker or part of a large team of experienced brokers, we are excited that you are looking to participate in this new digital ecosystem and extend your services to next-generation and super tech-savvy mortgagers.

Who can qualify?

To qualify, the following criteria must be met:  

  1. Must have the required minimum down payment
  2. Your total annual income is less than $120,000
  3. Your maximum loan is less than 4 x your income

When do you need to repay the incentive?

The incentive amount can be paid back at any time without penalty but must be paid back when the property is sold or after 25 years, whichever comes first.

For example:

You have purchased a home worth $300,000 and put a down payment of $15,000 (5%) and received an additional $15,000 (5%) incentive for a total of $30,000 down payment.    

  • If your property’s value increases to $400,000, then you would have to pay back $20,000 (5%).
  • If your property’s value decreases to $200,000, then you would have to pay back $10,000 (5%).