A federal program aimed making first-time home ownership more affordable has failed after the program attracted less than a fifth of the buyers it was aiming for, according to an internal auditors report from the Canada Mortgage and Housing Corporation (CMHC).
The $1.25 billion First-Time Home Buyer Incentive program offered government funding for shared-equity mortgage loans of up to 10 per cent of the purchase price, which would go toward a larger down payment. The program served just 18,291 home buyers of its 100,000 goal, says the auditor report which was first covered by Blacklock’s Reporter.
