Canada's housing agency says it is ending the first-time homebuyer incentive program, which many had criticized as unhelpful.
The government offered a loan of five or 10 per cent of the purchase price that would go toward a larger down payment, with the intended goal of reducing monthly payments. Total borrower income couldn't be higher than $120,000, or $150,000 in Toronto, Vancouver or Victoria, while the total borrowing could be no more than four times the qualifying income, or 4.5 times in the three pricey cities.
"It was literally like they sat in a room by themselves, without anyone who understood the industry, and just made up a bunch of stuff that made no sense," said Laird. Royal news – live: Thomas Kingston’s cause of death revealed as friend provides Sarah Ferguson cancer update TORONTO — The Body Shop Canada Ltd. says it will close 33 stores and halt its e-commerce operations as it seeks to restructure under the Bankruptcy and Insolvency Act. The Canadian subsidiary of the international cosmetics brand announced Friday that it will immediately begin liquidating almost a third of its 105 stores.
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First-time homebuyer incentive discontinued: CMHCCanada's housing agency says it is ending the first-time homebuyer incentive program. Canada Mortgage and Housing Corp. says the deadline for new or updated submissions to the program is midnight eastern time on March 21.
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