Government Grants

First Time Homebuyers Incentive

Shared Equity


This program enables people to purchase their first home, offering 5-10 % of the home's price as a downpayment. This provision will lower your mortgage costs, which will make the home much more affordable.


You are considered eligible for this grant if you meet the following:

  • Must be a first time homeowner
  • You did not occupy a home owned by either you or your spouse/common law partner within the last four years
  • Have recently experienced a separation of a marriage or common law partnership\
  • Your income must not exceed $120,000 (or $150,000 if you reside in Toronto, Vancouver or Victoria)
  • Your total borrowing must not exceed 4 times your income (or 5 times if you live in Toronto, Vancouver or Victoria)
  • You or your partner/spouse are a first time homebuyer
  • You are a Canadian citizen, a permanent resident or a non-permanent resident authorized to work in Canada temporarily
  • You meet the minimum down payment requirements with qualifying funds
  • Your property must be located in Canada and suitable for full-time occupancy
  • You must live in the home and not use it as an investment property

The types of homes that qualify for this grant are as follows:

  • Single family homes
  • Semi- detached houses
  • Duplex, triplex or fourplex
  • Townhouses
  • Condos
  • Mobile home units

Additional Information

Incentive must be paid in full within twenty five years. There are a few ways in which changes to the incentive may require a re-payment:

  • You breakup with your spouse/common law partner and want to buy out the co-borrower
  • Porting your mortgage
  • Partial release of security
  • A change in intended use of property

How to Apply

First you must be pre-approved for a mortgage. Once you’ve determined whether or not you qualify, you must fill out the forms and hand them off to your lender. See the next section.