a RateSpy blog post reads<\/a>.<\/p>\nAs others have noted, part of that has to do with the income and mortgage caps built into the scheme. To qualify, households can\u2019t earn more than $120,000 annually, and the maximum mortgage they can take on is limited to four times that.<\/p>\n
RateSpy pegs that maximum purchase price at about $565,000, which is well below the average selling price in Canada\u2019s most expensive markets.<\/p>\n
\u201cHeck, they might as well call it the \u2018First Time Studio Condo Buyer Incentive\u2019 in Toronto and Vancouver,\u201d RateSpy quips.<\/p>\n
Also, the RateSpy post suggests that a borrower earning $60,000 annually with a 5 percent downpayment can afford a home priced at $269,000 with an insured mortgage. However, a homebuyer taking part in the initiative would be limited to $253,000.<\/p>\n
\u201cAs much as we hate to say it, this program looks like little more than vote candy, a program designed to do little, but appear as if the government is doing a lot,\u201d RateSpy says.<\/p>\n
\u201cIf the Liberals lose power in October, so might this program.\u201d<\/p>\n
![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2019\/06\/bridge-nowhere-home-buyer-incentive.jpg\")
<\/a><\/p>\n