First-Time Homebuyer Incentive Terminated

The initial promise of the first-time homebuyer incentive seemed like a beacon of hope for many prospective homebuyers grappling with the challenge of saving up for a down payment. Regrettably, the program’s execution left much to be desired, resulting in suboptimal outcomes for the majority of applicants.
High Ratio Mortgages and Mortgage Default Insurance

A high ratio mortgage is where the borrower’s down payment is less than 20% of the property’s purchase price. In Canada, such mortgages require insurance because they are considered higher risk and necessitate “default insurance” coverage.