Despite new details, First-Time Home Buyer Incentive’s a dud

While more details about the First-Time Home Buyer Incentive were released this week, there remains a glaring problem.

“They confirmed that they take an ownership stake in the property whereby they will participate in both the appreciation or depreciation of the property,” said James Laird, president of CanWise Financial, “but the key issue with the programming continues to be affordability.”

Buyers who use the program only qualify for four times their household income whereas non-participants qualify for 4.5 times their household income. In effect, the First-Time Home Buyer Incentive will handcuff buyers who use it.

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