Canada - Ontario Affordable Housing Program

The Program Overview

The Affordable Home Ownership Program is designed to ease demand for condo rentals in the Peel Region and make home ownership more affordable. It is also to provide assistance to low and moderate income families/individuals with an opportunity to buy a home. The Region of Peel has been allocated $2.85 million for 282 home ownership opportunities.

Loan Amounts

A maximum of $10,000 can be granted to eligible program participants to be used as part of home purchase down payment. This loan does not require repayment unless the homeowner sells the property within the 20-year affordability period, defaults as stated in the program guidelines. All homeownership funding and unit allocations must be started by March 31, 2009.

Homeowners Responsibility

The home purchaser / program participant must obtain home mortgage financing and cover closing costs, legal fees, and home inspection costs.

Property Eligibility

Program participants may buy a home or condo of their choice if at it meets the Region of Peel’s eligibility criteria. The requirements are the the home is a resale property not a new home or condo. The participant have the home professionally inspected. The home or condo can be a semi-detached, detached, townhouse, stacked home, row house or high rise condo. Other requirements are stated on the Peel Region Web site.

This program can help those with a total annual income of $75,800 or less. Participants can buy a home in the Region of Peel (Brampton, Caledon or Mississauga) which does not exceed a purchase price of $247,000.

Program applicants must fill out an application available from the Region of Peel and return it to their offices at 10 Peel Centre Dr. Brampton, Ontario. The Region of Peel will be selecting participants on a first-come, first-serve basis.

Mortgage Amortization

The Home Ownership Program allows new purchasers to extend their mortgage amortization period up to 35 years in order to lower monthly mortgage payments.

Milton Homes for Sale

Get the best assistance in buying or selling properties and homes in Milton. If you're interested in new homes in Mississauga, Port Credit homes, Milton homes, or Erin Mills homes, contact us now. We have many contacts with builders in Mississauga, Port Credit, Erin Mills and Milton. Check our homes for sale page. We may be able to help you with new homeowner programs and assistance in applying for mortgages. 2010 is going to be a great year for many looking for homes in the Mississauga and Milton along with other types of real estate.