I would add that certain governments have put in place similar downpayment-related measures. The Government of British Columbia has just announced that it will be offering assistance for downpayments on the purchase of a first home, up to $37,000, or 5% of the value of a home costing less than $750,000. Locally, the City of Montreal will finance up to 5% of a condo purchase, which is less than the amount granted by the SHDM. The buyer reimburses the loan when the mortgage is refinanced or when the house is sold. The City of Quebec has put in place a similar program. This may represent a cost for the government but in the end, it is reimbursed. In the long run, this proposal may well be appropriate.
