The Niagara Region homeownership program
While in the Toronto area the residential average prices keep on the rise even after the federal government introduced new mortgage regulations in an attempt to cool off a steaming hot real estate market, which was probably an effective strategy to slow down the residential average price in the greater Toronto area and by doing so, the construction industry in Canada’s also slowed down and our Canadian GDP rate also got lowered.
The Niagara region is a fast growing, & developing, yet peaceful region!
Eligibility of Applicants:
- Are currently renting in the region on Niagara
- Do not presently own a home or have a vested interest in a property;
- Have a maximum gross annual household income of …more
Eligibility of the property:
- Homes must be located in the Niagara region
- Is purchased for a price that does not exceed $430,757
- Is a single detached, semi-detached, …more
Key points:
- Homeowners will receive 5% of the cost of an eligible home (maximum $21,537.85) which is wire transferred to the lawyer at the time of closing on the purchase of the home
- …more.
Conditions for Repayment
- No repayment of the loan if home is sold after 20 years.
- If the home is sold before 20 year period expires, you must repay the original loan plus…more
How to Apply
- Mortgage Pre-Approval – Please contact a mortgage broker, trust company, credit
union, bank or other qualified lender of your choice to apply for a no cost mortgage
pre-approval. - …more
Affordable home-ownership opportunity is available for a limited number of families who are in a position of relocating and become homeowners in a pacific yet picturesque area like the Niagara Region where home prices are considerably lower than in the Greater Toronto Area.
