With this program you can buy a condo unit with $1000! Your mortgage covers 90% of the price, and government of Ontario will pay the remained 10%!!! This 10% is your housewarming gift; however, if you wish to sell your house during the first 20 years, you would be asked to pay it off as an interest-free, punishment-free loan.
Government of Ontario and selected builders have come up on a home ownership assistance program in which an extra 10% loan will be given to each permanent resident or citizen of Canada, to reduce the final price and promote home ownership.
To qualify you must be a permanent resident or a citizen of Canada, over 18 years old and a first-time home buyer.
As a result, in, for example Canary Park condo project, you can buy a condo unit with $1000 (the closing fee), as your mortgage and this loan will cover 100% of the price. For Daniel’s One Park Place condos, you just need to provide 5% down payment (plus 85% mortgage and 10% gift/loan). This is the same for Options for Homes condos, too.
Please contact me ASAP for more details and specifications of each project. Who doesn’t like free money?!