News that first time home buyers have a new financing option is welcome to those entering the market for the first time. It's also welcome news for the building and real estate industries, both of which have cooled in the current economic climate.

Announced in the recent federal budget, The First Time Home Buyers Incentive provides eligible consumers with an opportunity to finance their purchase through an agreement for a partial shared equity mortgage with the Canadian Mortgage and Housing Corporation. The idea is to reduce borrowing costs and ultimately lower monthly mortgage payments. Additionally, the Budget makes a provision for these home buyers to tap into $10,000 of available funds from RRSP savings for their down payments. This too should provide relief when it comes to the monthly mortgage burden.

Humboldt realtor Dan Torwalt sees the move as positive in allowing more people into the market. It also bodes well for the local economy. As Torwalt points out, " For every dollar that's spent when you build or buy a house, it's turned over about ten times in the local economy. That's why governments pay attention to house builds and house sells. As for why they're targeting millennials, it's one of the largest population  groups in North America."

Torwalt believes that the move will stimulate younger buyers to be able to participate to a greater extent in the economy, even take over from the 'baby boomers' who have been the traditional anchors of economic growth.

As for local real estate and development, Torwalt is optimistic, "It's been a little stagnant here, especially in the new build area. And we do have a lot of young families in Humboldt and in the last five, six, to ten years, there's a lot of amenities that the city of Humboldt has to offer, along with the surrounding area, so any time you can attract young families into your community because they want to buy or build, that just helps Humboldt and area that much more. I can see it impacting here; I sure hope it does."