Home Breadcrumb caret Economy Breadcrumb caret Economic Indicators Breadcrumb caret Industry Breadcrumb caret Industry News Liberals’ mortgage help for first-time buyers lands Sept. 2, weeks before vote The government will help with 5% or 10% of a mortgage for an existing or new home, respectively By The Canadian Press | June 17, 2019 | Last updated on June 17, 2019 1 min read iStock The federal Liberals say a new program to help new buyers pay for their first home will kick in on Labour Day. The program that will help cover some mortgage costs will be available starting Sept. 2, only weeks before the October federal election. The government’s plan will see it pick up 5% of a mortgage on existing homes for households that earn under $120,000 a year, on a mortgage of no more than $480,000. It plans to cover up to 10% to spur construction for new homes. There isn’t any interest on the federal money. A buyer will have to repay it if they sell their house, or after 25 years of living in the home. Also read: Feds offer help to first-time homebuyers The Canadian Press The Canadian Press is a national news agency headquartered in Toronto and founded in 1917. Save Stroke 1 Print Group 8 Share LI logo