Creative solutions to unattainable house prices, such as $60K in down payment support.
Canadians are faced with great challenges when it comes to deciding where to begin from in the hot housing markets. With high home prices coupled with a modest income, Canadians now find it relatively impossible to own a house. Many people now claim that owning a dream house is not just becoming a dream they had. But coming to their aids, government and private bodies have put together some solutions for home seekers especially first-time buyers to be able to participates in the housing market. Among the various options, three of them were outstanding.
A Toronto not-for-profit group is making it their mission to help more people achieve home-ownership, despite a red hot market that's seen prices skyrocket.
The Governments of Canada and Ontario announced today federal and provincial program funding that will assist low-income Toronto residents in purchasing a home.
How first-time buyers managed to buy into this real estate market.
"I wanted a building that had some amenities but not the huge swimming pool and sauna and all those things that drive up maintenance fees." - Jasmine Artis-Longhurst, condo owner
"Taking advantage of the relatively approachable land values afforded by the somewhat unorthodox location, an irregularly shaped 3,851 m² site overlooking the Humber River at 10 Wilby Crescent is set to be redeveloped as an affordable condo community by private non-profit developer Options for Homes."
With skyrocketing home prices seemingly the norm in Toronto's real estate market, many new homebuyers are concerned about being priced out of homeownership. First-time homebuyers are particularly feeling the pressure as they scramble to save enough money for their down payments. And with average house prices rising throughout the Greater Toronto Area, it's not just Toronto's hot housing market that's experiencing the trend. However, there's one homebuilder that has made it its goal to make the dream of homeownership more achievable for a broader range of people.
By using a unique no frills approach to marketing and development, eliminating costly condo amenities, and offering an innovative down payment support program, Options for Homes has helped thousands of low and middle-income homebuyers achieve their dreams of home ownership in Milton.
Courtney and Devon Thompson are living at Anna Lane, the Options for Homes condo in Kingston. Kingston Life takes us on a tour of their space!