Living in Toronto is too often a story of compromises: To enjoy the urban vibrancy of the city, you often have to forgo expanses of nature; in order to afford homeownership, you have to move to the suburbs.
A new CMHC program designed to make it easier to buy a home would be limited to first-time buyers who earn less than $120,000 a year.
The Humber marks a first in affordable family living options for an up-and-coming community
From condo developments to large legal grows, there’s a big push to eliminate the smell of weed in public.
TORONTO LIFE – Patrick Kroetsch and Jennifer Tweedie desperately wanted out of their second-floor rental in Christie Pits. Roaches, crumbling plaster and a difficult landlord were testing their patience. But Kroetsch was freelancing and Tweedie worked as a server, and the $1,350 rent made sense for their budget. Then Kroetsch’s brother told him about Options For Homes, a non-profit Toronto developer that keeps costs low by forgoing amenities like pools and gyms.
hen the federal government released its budget, and along with it the First-Time Home Buyers Incentive, the Canadian public was introduced to shared equity mortgages. Designed to address housing affordability issues, the incentive is a tool that will allow CMHC to lend a homeowner money, either five or 10 per cent of the price, for a shared stake in the equity of a home.
When the Federal government released its budget in mid-March, those in the housing sector were eager to see what might be in store to help address the pressing need of making housing more affordable. Indeed, there was a response to housing affordability; it just wasn't quite what people were expecting.
Arguably the most talked-about measure of the Liberals' latest federal budget is the First-Time Home Buyer Incentive. Under the plan, the government would help some first-time buyers by advancing up to 10 per cent of the purchase price of a home so they can take out a smaller mortgage and keep monthly payments lower.
The federal government is planning to offer shared-equity mortgages in a bid to help get millennials into homes of their own. So how do they work? For more on this, BNN Bloomberg spoke with Heather Tremain, CEO of Options for Homes.
As the centrepiece of its budget plan to boost home ownership, the Liberal government also launched a new shared equity mortgage plan to benefit first-time buyers with incomes of $120,000 or less, to be administered by Canada Mortgage and Housing Corp. (CMHC).