GTA first-time homebuyers can benefit from mortgage program despite $560,000 home-value cap.

Original article via Toronto Star. Click here to read.

The federal government says thousands of Toronto-area families could get a hand onto the property ladder under a new shared-equity mortgage program even though it limits the maximum eligible home value to $560,000 — a tough price point to hit in the Toronto region.

The First-Time Home Buyer Incentive can lower monthly mortgage payments on a $500,000 home by as much as $300 a month, said Minister of Families, Children and Social Development Jean-Yves Duclos in Mississauga on Monday.

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