Ontario down payment assistance program

Eligible homeowners will be able to receive grants to make energy-efficient retrofits to their homes. Go to Natural Resources Canada to get more details.

Find out if you qualify for this shared-equity mortgage that will lower your monthly costs without increasing your down payment! Skip to content. Home Consumers Buying a home Incentives for homebuyers. Government of Canada homebuyer incentives and rebates Purchasing a home can be both exciting and overwhelming.

Did You Know? There are three types of grants available to Ontarians: Those offered by the federal government, those offered by the provincial government, and those offered at the municipal level. This is just a place to start; a cheat sheet, if you will.

Do yourself a favour and make a list of all the programs you may qualify for and do some further research — it could save you thousands on your first home purchase. CMHC green home. CMHC is a Canadian crown corporation and is the largest issuer of mortgage default insurance.

Genworth Canada energy-efficient housing program. The money is available tax-free but must be repaid within 15 years. Think of it as a tax- and interest-free loan to yourself.

First-time homebuyer land-transfer rebate. Keep in mind, though, that couples purchasing a home where one of the partners has previously owned a home will have the amount reduced. Northern Ontario Energy Credit. Another part of the Trillium benefit, current homeowners living in Northern Ontario could qualify for a tax break for energy, sales, and property taxes.

Ontario energy and property tax credit. Brantford : B-Home down payment assistance. Dufferin County: Home ownership program. Kingston: Home ownership program.

Keep an eye out for guidelines. Funds can be used to buy or build qualifying houses for yourself or a disabled relative. You must be a first-time home buyer and meet RRSP withdrawal requirements to be eligible. The St. Thomas and Elgin AHO Program aims to provide moderate-income households with affordable housing through forgivable down payment loans. The City of Brantford and the County of Brant have partnered with the government of Canada to give first time home buyers easily-attainable access to affordable housing.

Forgivable year interest-free loans are given to qualifying applicants seeking to purchase a home within the B-Home district. Canadian citizens who are first-time home buyers can benefit from full or partial reimbursement of their Ontario land transfer tax.

The tax refund is available to new homeowners only. To qualify you must occupy the home as your principal residence within 9-months of ownership. The Niagara Homeownership Program is designed to help low to moderate income households achieve affordable housing. They offer a no-interest year forgivable loan to individuals who are currently renting. Eligible homes may be detached, semi-detached, townhome, duplex or condo but must be modest in size and features.

You may just have to get a bit creative…. Receive a portion of your GST goods and services tax or part of your federal HST harmonized sales tax when filing your personal taxes. Enjoy premium savings when purchasing energy efficient homes or by making energy saving renovations thanks to Genworth Canada. Need a little extra boost for your down payment on a home in Toronto?

Loans are interest-free. This unique Ontario tax credit is available to help persons pay for property taxes and sales tax associated with energy costs. Living in Northern Ontario can mean higher energy costs making it difficult for low to moderate income residents to become homeowners.

The Northern Locations Energy Credit helps these residents recover part of their energy costs, sales tax, and property tax. The forgivable loan need not be paid if the house is not resold and remains the primary residence of the loanee. Gateway Muskoka is a locally-funded down payment assistance program that aims to help modest-income individuals or families who seek homeownership.

However, the non-profit can only take a limited amount of applications, so act quickly. Loans cannot be used for the required home inspection or put towards closing costs. Homeownership just got more attainable. Options for Homes offers shared appreciate loans towards the down payment for their condos. Loans are both interest-free and payment-free until you sell or move. Just ask! Completing or renovating a home adds value and shows your lender your commitment to homeownership.

But remember, all sweat equity that is created must be done to code and only if you are a licensed trade. Talk with your lender beforehand to determine your eligibility for sweat equity as a part of your down payment. Speaking of sweat equity, Habitat for Humanity allows its participants to pay full or partial down payment through labor. A line of credit works similar to that of a credit card -without the super-charged interest fees.