The Canadian government wants to help you purchase a home.
In March, the federal Liberal government announced the First-Time Home Buyer Initiative, a scheme that would give homeowner hopefuls a leg up.
The plan will see the government hand over 5 percent towards the value of a resale home or 10 percent for a new home in exchange for the same share of equity in the property.
Only households earning less than $120,000 are eligible, and the max mortgage is capped at four times that. Based on that, Capital Economics estimates the plan will only help homebuyers purchase a property worth up to $565,000, far shy of the average in Toronto and Vancouver.
Still, in many Canadian markets, that’s a lot of house. Here’s what the First-Time Home Buyer initiative will get you across the country.
The detached home at 3738 Memorial Drive in Halifax’s north end has lots of room to stretch out, with four above-ground bedrooms and two in the basement. This home has some luxury touches: the master ensuite has heated floors, for example. Out back, there’s a giant deck.
Montreal is one of Canada’s hottest housing markets, but there are still deals to be found, like this duplex. Rent out one of the suites to help with mortgage payments, or occupy the whole place yourself.
This three-bedroom model home boasts 2,249 square feet of living space, and it’s a short walk from a private beach club.
The kitchen has been totally redone, giving this ‘70s-era five-bedroom house a more modern feel. The home backs onto a golf course and has a large backyard.
With some raw industrial touches, this soft loft off West Queen West has more character than most recent condos. Completed in 2012, the eight-storey Westside Gallery Lofts has 135 units, including this 575-square-foot suite.
With a budget in the mid-$500,000s, Vancouver homebuyers will be limited to condos. On the border of Olympic Village, this bright junior-one-bedroom residence in Block 100, completed in 2016, has some frills, including heated bathroom floors and a gas range.