More flexible First-Time Home Buyer Incentive Share In 2019, we launched the First Time Home Buyer Incentive (FTHBI), an innovative new tool that allows middle-class families looking to buy their first home, reduce the size of the mortgage they require, and in turn reduce their monthly housing costs. The FTHBI acts as a second mortgage but with no requirement to repay until you sell your home, with the government receiving a proportional share of any increase (or decrease) in value, if any. Recognizing that some prospective participants would not want to forgo this increase in equity value, a re-elected Liberal government will allow you to choose between the current shared-equity approach or a loan that is repayable only at the time of sale. Under the latter option, borrowers would not have to pay a monthly installment, but would instead have these payments deferred (at a market interest rate) until the time of sale. This would let you keep more of any increase in the value of your home, while still reducing your monthly mortgage costs. Unlock Home OwnershipHelp renters become ownersAfford a downpayment, fasterMore flexible First-Time Home Buyer IncentiveSave on your closing costs of buying a homeReduce your monthly mortgage costs when you need it mostBuild More HomesGive cities the tools to speed up housing constructionBuild and repair more affordable housingConvert empty office space into housingHelp different generations of a family live togetherSupport Indigenous HousingEnd chronic homelessnessProtect Your RightsIntroduce a Home Buyers’ Bill of RightsCurb unproductive foreign ownershipStop Excessive Profits in the Financialization of HousingStrengthen federal oversight of the housing marketReduce incentives for speculation and house flipping
