Mortgagenomics Canada

Since the launch of the program in Sept 2019, only 13% of the programs allocated reserve actually made it to the hands of first time home buyers. Will the upcoming enhancement spur more interested applicants, or is this program simply a dud?Three words that best describe Trudeau's First Time Home Buyer Incentive (FTHBI) program that was launched back in Sept 2019 - OVERRATED, UNDERUSED, and CONFUSING.But that could change as early as this coming spring as the programs maximum thresholds have been increased to capture a more broad range of buyers in Canada’s two highest priced markets; Vancouver and Toronto. In 2019, the FTHBI program was available for properties up to a maximum purchase price of $507,000. However, in 2021, the program will be enhanced to accommodate for a maximum purchase price of ~$722,000.First, let’s talk about what it's NOT:It’s not free money (has to be paid back in 25 years or when you sell, whichever comes first), It doesn’t help you&n