Episode 20: Bank of Canada left overnight lending rate unchanged. First Time Homebuyer Incentive Changes

Raymond, Mortgage Agent at EMA Mortgage Team-Mortgage Alliance, talks about the most recent Bank of Canada rate announcement.  There are changes proposed for the current First Time Homebuyer Incentive program.  This incentive is a Shared Equity program.  The Changes relates to the maximum household income allowed to qualify for the program and also the increase to the multiplier for the maximum mortgage amount a first time homebuyer can qualify.  (1) Change in Income $120k/yr to max $150k/yr (2) Change in Max Mortgage, multiplier from 4X your household income to 4.5X your household income.  This combination will definitely help in the higher home price areas such as the Greater Toronto Area: Oakville, Mississauga, Milton, Brampton, Toronto, Ancaster, Burlington, Georgetown, etc.