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In order to qualify for the program, Canadians need to meet certain conditions. Only first-time buyers with a household income of less than $120,000 are eligible to receive up to 10 per cent of the cost of a new home. Additionally, that incentive must be repaid within 25 years or when the property is sold. The incentive is interest-free, and there are no penalties for buying out the CMHC’s s ...