Under the fine print for the First Time Home Buyer Incentive
program, which was announced in March and will officially launch in
September, a first-time homebuyer who earns less than $120,000 can
qualify. The Canada Mortgage and Housing Corporation would kick in up to
10 per cent of the purchase price of the home, providing the borrower
comes up with the minimum amount for an insured mortgage, which is now
at five per cent.