Canada FTHBI Plan? Less money down for shared equity?

[Cole Felske]

I'm curious if any Canadian investors used the First Time Home Buyers Incentive (FTHBI) plan for their first purchase. For those that don't know, in its simplest form the government contributes to your down payment for a shared equity in the property which must be paid back when you sell or after 25 years. Links below.

https://www.cmhc-schl.gc.ca/en...

https://www.placetocallhome.ca...

I am based out of Calgary Alberta, and honestly I don't see why this wouldn't be a good idea for a long term buy and hold investor. Admittedly I haven't done a complete rundown of the numbers, or made an extensive spreadsheet to analyze this yet. But I'm curious if getting into early ownership for the cashflow will outweigh the cost of having to pay the government back, and the opportunity cost of continuing to rent and saving up to achieve the 20% for a couple more years. 

Bear in mind you will have to pay mortgage insurance since you're technically contributing under 20%, and I'm not totally sure mortgage brokers will allow this on a rental property. 

Thoughts?