Updates for Canada’s First-Time Home Buyer’s Incentive
As an update to our previous blog post: Canada's First-Time Home Buyer's Incentive launching on September 2 the CMHC has updated their First-Time Home Buyer Incentive (FTHBI) information page.
They’ve added the FTHBI - SEM Information Package under Resources for homebuyers. Your purchasing clients may provide you this document for it to be kept on file.
The package outlines how the FTHBI works and steps on applying. Clients applying for the incentive are required to provide the lawyer’s name and contact details at least two weeks before closing to First Canadian Title (FCT).
Section 13 in the package discusses costs that the homebuyer is responsible for. It includes closing services, funding advances and legal costs connected with the incentive and associated documents.
Resources for more information (for you and your clients) listed on the FTHBI page
More information on the Incentive can also be found on the following website: www.placetocallhome.ca
You can also contact the First-Time Home Buyer Incentive information line at 1-877-884-2642.
You can also contact your lawyer/notary for further information either before applying for the Incentive or when you attend your lawyer/notary to execute the closing documents for your purchase.
You may wish to seek legal and financial advice to confirm that the Incentive meets your needs and you are eligible for same.
We’ll be updating our blog as more information becomes available. To have updates sent directly to your email inbox, subscribe to our blog using the button below.
