My Home

My Home is an Ontario government program designed to:

Unload the stock of condo units that will be left empty in the Canary District after the Pan Am Games are over.
Help renters, who have never before owned a home, raise a down payment so they can purchase one of these condos.

How it works
To buy one of these condos all you need is $1000. Then you add another $1,000 a month until you achieve a 5% down payment.

Then you apply for a 10% down payment loan from the Province of Ontario, and you receive title—plus 95% financing.

How to qualify
If you fulfill some easy eligibility criteria, the MyHome Program could be right for you. The MyHome Program helps qualified applicants with down payment assistance for buying a first home. (Wording from the developer's website.)

Here are the qualifications:

You are currently renting and don’t own or have any interest in a property in Canada.
The unit you are purchasing will be your first and principal residence.
You are a permanent resident or citizen of Canada.
You are 18 years of age or older.
You are eligible for financing.
Your total household income is under $82,600 per annum (including all individuals over 18 who will be residing with you).

What can go wrong?
I must wonder when all levels of government are worried about an overheated condo market and the high debt levels that most Canadians are carrying, why is Ontario offering a special low down payment plan for people who cannot save up a regular down payment without special assistance?

If the economy tanks, will not these buyers be the first to sink under the weight of underwater mortgages?

Canary District will be market priced condos in a mixed-use community. A TCHC project and a 500 bed community college residence will sit across the street to the north of this project. To the south there are railway tracks and a large siding for GO trains.

The East Bayfront district to the south of Canary District may be a better bet.

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