End of an Era: CMHC Ceases First-Time Home Buyer Incentive Program – What's Next for Potential Homeowners?
The CMHC has officially ended the first-time home buyer incentive program. Since its 2019 debut, this initiative aimed to make homeownership more accessible by offering an interest-free loan to help with mortgage payments. Despite its goals, the program faced criticism for not aiding in down payment savings and possibly limiting buyers' purchasing power. Remember, the deadline for final applications was March 21, 2024. Let's discuss how this change might impact potential homeowners!