Buyers who choose to take advantage of the First-Time Home Buyer Incentive can repay the loan in full at any time.
A Guide To First-Time Home Buyer Programs And Grants
Buyers who choose to take advantage of the First-Time Home Buyer Incentive can repay the loan in full at any time. However, it is mandatory that the loan is repaid after 25 years or when the home is sold, whichever comes first. When it’s time to repay your loan, the amount owed is based on the fair market value of your home. So, for example, if you receive a 5% incentive on a home worth $100,000, you’d get a $5,000 loan. However, If your home’s value increases to $200,000 at the time of repayment, your payback would be 5% of its current value - $10,000.
