The program will be ready to receive Incentive applications on September 2, 2019. The first closing will take effect on November 1, 2019. The Incentive would allow eligible first-time home buyers, who have the minimum down payment for an insured mortgage, to apply to finance a portion of their home purchase through a form of shared equity mortgage with the Government of Canada. For the purchase of an existing home, an Incentive amount of 5 percent is available. For the purchase of a newly constructed home, an Incentive amount of 5 percent or 10 percent is available to qualified buyers. The larger Incentive amount is intended to help encourage the home construction needed to address some of the housing supply shortages in Canada, particularly in our largest cities.