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The Closure of the First-Time Homebuyer Incentive

Monday Mar 04th, 2024


The First-Time Homebuyer Incentive (FTHBI), a pivotal program by Canada's federal housing agency, is set to conclude after March 31. Started in September 2019, the FTHBI is a program from the Liberals' National Housing Strategy.

First-Time Homebuyer Incentive gives interest-free loans to first-time buyers to help them buy a home. This program assists homeowners by providing a loan for five to ten percent of a home's price. This makes it easier for them to purchase a home.

The Program's Journey and Impact:

Despite its intentions to make homeownership more accessible, the FTHBI faced challenges, particularly in high-priced markets. With 23,411 applications and only 15,925 approvals by April 2022, the program did not meet its anticipated reach. It disbursed just $269 million, far below the expected amount, highlighting the program's limitations in addressing the needs of first-time buyers in areas like Oakville.

Critique and Alternatives:

Critics argue that the program's structure was not appealing enough, and its income limits were too restrictive. Clay Jarvis from NerdWallet suggests that despite the FTHBI's shortcomings, the effort to support first-time homebuyers should continue through innovative solutions. James Laird of proposes extending mortgage amortization periods to 30 years as a more effective measure to assist first-time buyers.

Vieira Real Estate Associates: Guiding First-Time Buyers in Oakville:

As the FTHBI comes to an end, Vieira Real Estate Associates is here to guide first-time buyers through the Oakville real estate market. Our team is known for our knowledge and dedication to the highest level of service. We provide personalized help to guide you through buying a home. With a deep understanding of Oakville's real estate landscape, we're dedicated to helping you find the perfect home that meets your needs and exceeds your expectations.


The conclusion of the FTHBI marks a significant moment for first-time homebuyers. While the path to homeownership may seem more challenging without this incentive, there are still ample opportunities and resources available. With the right guidance and support, achieving your dream of owning a home in Oakville is within reach. Vieira Real Estate Associates is committed to providing the 'Service you Deserve', helping you make informed decisions while looking for a new home!

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