Details of federal first-time buyer program announced

The Liberal government has unveiled details of its first-time home buyer assistance plan announced in the recent federal budget. Under the plan, Canada Mortgage and Housing Corporation would contribute up to 10 per cent of the purchase price under certain conditions. The plan is meant for buyers earning up to $120,000 per year, and the contribution from CMHC must be paid back, interest-free. The program launches Sept. 2. Full story