First-time home buyers could save $286 a month on mortgage payments under new federal program

The details of a $1.25 billion home-buyer incentive program that was included in the federal budget shows it will save new owners a few hundred dollars a month on their mortgage.

First-time buyers with household incomes less than $120,000 a year could be able to save around $286 a month on a $500,000 house without increasing their down payments, according to Jean-Yves Duclos, Minister of Families, Children and Social Development.

“Through the National Housing Strategy, more middle-class Canadians – and people working hard to join the middle class – will find safe, accessible and affordable homes, Duclos, who is also the minister responsible for Canada Mortgage and Housing Corp, said in a statement.

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