Canada-Ontario Affordable Housing Program for region of Peel

[Navtaj Chandhoke]

Canada-Ontario Affordable Housing Program for region of Peel-Ontario, Canada

What is the Affordable Home Ownership Program?

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.

Participant Eligibility

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

Eligible Homes

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

semi-detached

row 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.

Other Costs for the Purchaser

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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