Potential Uptake of the First-Time Home Buyer Incentive
BCREA
Summary Findings:
- Evaluating the First-Time Homebuyer Incentive (FTHBI) based on its principle eligibility criteria, the highest potential uptake of the FTHBI would be in more affordable regions located outside of the Lower Mainland. In contrast, the lowest uptake would be in the Lower Mainland and Victoria, accounting for 44 per cent of sales. This suggests that the FTHBI is expected to have limited impact on provincial home sales.
- Differences in the potential uptake of the FTHBI across the select regions is largely explained by the allowable maximum house price. As such, the price threshold is the most limiting in regions with higher house prices, which tend to be concentrated in the Lower Mainland and Victoria.
- The maximum income threshold is less important to potential uptake because the share of first-time homebuyers meeting this threshold is relatively comparable across the select regions.
Read The Full Report Here
©BCREA