CMHC: End of the First-Time Home Buyer Incentive.

Last week, the Canada Mortgage and Housing Corporation (CMHC) announced the termination of its First-Time Home Buyer Incentive program.

As stated on its website, the program administrator must receive new applications, as well as cancelled or rejected applications submitted again, no later than March 21, 2024, at midnight (ET).

• Cancelled or rejected applications that are resubmitted must also reach the program administrator by March 21, 2024, at midnight (ET).
• If an application received by the March 21, 2024 deadline is rejected due to an error, it is the mortgage insurer’s responsibility to correct the issue and resubmit the application.
• Applications resubmitted after March 21, 2024, will be subject to manual review. These manual reviews must be requested no later than March 25, 2024, at midnight (ET).

The program administrator will process applications received before the deadlines promptly. No new approvals will be granted after March 31, 2024.

Approved applications.

The Canada Mortgage and Housing Corporation (CMHC) has set the deadline for new applications for a program aimed at reducing monthly mortgage payments for first-time homebuyers at March 21 at midnight Eastern Time.

For more details, please refer to the official CMHC press release.