Government Relations

Peel Program Supports Affordable Home Ownership

1 Comment 22 March 2012

Home in Peel

Most municipalities in Ontario have affordable housing programs. These programs tend to focus on rental housing in low income or developing neighbourhoods. Very few municipalities have programs that encourage residents to become home owners. One municipality, however, is a shining example of how local governments can work to help their constituents achieve their dreams of home ownership.

The Region of Peel’s (representing the municipalities of Brampton, Caledon and Mississauga) “Home in Peel Affordable Ownership Program” (HOP) uses municipal funds to help local citizens achieve their home ownership dreams.  HOP provides low-to-moderate income residents who are currently renting with the opportunity to qualify for down payment loan assistance of up to $15,000.

Applicants must be 18 years of age or older, have not owned residential property in Canada or elsewhere, be renters, have a total gross (pre-tax) household income that does not exceed $80,000, be preapproved for a mortgage from a Canada Mortgage and Housing Corporation certified lender, be able to pay all additional closing costs and supply all necessary documentation to the Region of Peel.

Peel does not offer loans to buyers of new homes due to the complexity involved around closing dates. Instead participants may purchase resale detached homes, semi-detached, row homes, town (condominium or freehold) stacked homes or high-rise condominium units that have a maximum sale price of $280,000.

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. On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.

Interested applicants must complete the application form, provide all supporting documentation and return it to the Region of Peel.

For 2012, Peel has set aside 50 loan allocations. To date, they have helped 262 families (program started in 2008) to buy a home.

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1 comment

  1. Zahid Ali says:

    Wow….where will you find a freehold home for $280K in Peel and even if a home was found at that price, I doubt the owner will want to stay there for 20 years…

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This post was written by who has written 49 posts on Ontario Real Estate Association Blog.

Matthew Thornton is OREA’s Manager of Government Relations. In that role he provides policy analysis, research, writing and strategic expertise to OREA’s Director of Government Relations and Government Relations Committee on legislation, policy and regulations that affect REALTORS® and the real estate industry. Matthew also manages all the government relations social media channels for the association. Prior to joining OREA, Matthew worked as a legislative intern at Queen’s Park in the Ontario Legislature Internship Programme. As an intern, Matthew worked for two backbench MPPs in government and on the opposition benches. Matthew is an active member of the Canadian Society of Association Executives and the Public Affairs Association of Canada. He holds a Master of Arts degree in Political Science from the University of Western Ontario and recently completed his Certified Association Executive designation.