This one is almost "too good to be true" .
Kudo's with a capital K to our wise folks in local government. This recently announced Canada/ Ontario Affordable Housing Program is a great way for renters to move up to home ownership. I don't usually applaud government spending, but this plan is near and dear to my livelihood. Being in real estate sales, I know first hand how difficult it can be for a new family or single person to accumulate a good down payment on that first home. This program addresses that and solves the problem.
Basically, they are giving up to 10% of the purchase price to the buyer so they can purchase that home! Sure, the household has to qualify for a mortgage, not make more than $74,300.00 per year, and the price of the home cannot exceed $202,270.00, but there must be plenty of people out there who can meet these criteria.
There is only 28 million dollars in the kitty for this program, and it will be first come, first served. The plan is administered by Oxford County, and I'll be happy to let any one know how to apply, or provide more information.