What is the Affordable Home Ownership Program?
The Region of Peel’s Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit with the opportunity to qualify for down payment loan assistance.
This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a home in the Region of Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $280,000.
Applicants must be 18 years of age or older
Applicants must not own or have an interest in another residential property in Canada or elsewhere
The home must be the sole and principal residence of the purchaser
The applicant must currently be renting and looking to buy a sole and principal residence
The applicant must have a total gross (pre-tax) household income not exceeding $80,000
The applicant must be able to obtain a mortgage pre-approval from a Canada Mortgage and Housing Corporation (CMHC) approved and insured lender and must submit it with their application
Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
The applicant must be able to pay all additional closing costs
The applicant must supply all necessary documentation to the Region of Peel
Due to unpredictability of closing dates, new homes will not be eligible for purchase under the Home in Peel program.
Participants may purchase:
resale detached homes
town (condominium or freehold) stacked homes
high-rise condominium units
Duplex, triplex or mobile homes do not qualify as eligible homes under the Home in Peel program.
For a home to be eligible, it must be modest in size relative to the community, in terms of floor area and amenities, as determined by the province or the service manager.
The maximum house price for program participants in the Region of Peel is $280,000.
The Down Payment Loan
The down payment assistance will be up to $15,000.
Repaying the Loan
The down payment loan is for a 20-year period and no interest is charged if:
The home remains the sole and principal residence of the owner. The home is not to be rented, leased or sold in the 20-year period.
On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.
Repayment of the loan is required when:
The home ceases to become the sole and principal residence of the owner.
The home is sold before the 20-year affordability period.
If during the 20 year affordability period, the property is resold, transferred, or otherwise disposed, and an appreciation in value is incurred, the purchaser will be required to pay back to the Region of Peel the loan and 5% of the appreciation.
If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction).
Other Costs for the Purchaser
The purchaser is expected to pay the following:
Inspection of the home prior to firm offer of purchase and sale
Land Transfer Tax
What is Needed to Qualify for the Home in Peel Program?
Interested applicants must complete the application form and provide all supporting documentation and return it to the Region of Peel.
As funding for this program is limited, participants are selected on a first-come, first-serve basis. Once an application is received, a letter confirming eligibility will be sent within 15 business days. There is no wait list for this program; once all funding has been allocated, all remaining applicants will be notified by letter that the program has ended.
Submitting your Application Form
All required supporting documentation must be sent along with your application to the Region of Peel:
Home in Peel Affordable Ownership Program
Region of Peel, Human Services
10 Peel Centre Drive
Suite B, 5th Floor
P.O.Box 2800, STN B
Brampton, ON L6T 0E7
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