Effective September 2, 2019, The Government of Canada has introduced a new program for first-time homebuyers. The First-Time Homebuyer Incentive Program allows first-time homebuyers to lower their monthly mortgage payments without having to increase their down payment.

In order to qualify for the program, you must:

1. have never purchased a home before; or
2. have not occupied a home owned by you or your spouse or common-law partner in the last four years; or
3. have gone through a marriage or common-law relationship breakdown; and
4. have at least a 5% down-payment either saved by you, withdrawn from RRSP, or received as a non-repayable gift; and
5. have an income less than or equal to $120,000.00.

For a great visual overview of the new program see the following infographic supplied by North Ridge Development Corporation:

For more details see the Government of Canada First-Time Home Buyer Incentive Program Operational Policy Manual.