Welcome Home Niagara Homeownership Program

Please note: There are a limited number of households that can be served with the available funding. Some of the funding will be designated for applicants currently living in Social Housing.

Purpose

The purpose of the Homeownership Program is to:

  • Make home ownership a reality for low to moderate income households in Niagara
  • Ease the demand for rental housing by assisting renter households to buy affordable houses
  • Offer down payment assistance for homebuyers through a 5% forgivable loan to a maximum of $23,408.30
  • Encourage developers to build affordable housing

Eligible Buyers

To be eligible for a down payment loan a buyer must:

  • Be a Canadian Citizen, Landed Immigrant or have Refugee Claimant Status with no outstanding removal order
  • Be a current resident of the Niagara region and have been renting in the Niagara region for at least six months
  • Be 18 years of age or older
  • Not own or have an interest in other residential properties or owe arrears to a government assisted affordable housing provider or Housing Services
  • Be a Renter Household (please note: applicants paying room and board or living with family or friends do not qualify as a “Renter Household”)
  • Have a gross annual household income below $85,900
  • Have personal assets below $30,000 which includes RRSP’s as well as any gifting amounts from family or friends
  • Qualify for a mortgage through a recognized financial institution and provide proof. Applicants who require a co-signer and/or guarantor to qualify for a mortgage are not eligible for funding.
  • Approved applicants must provide a fully executed Agreement of Purchase and Sale within 60 days of receipt of the Conditional Letter of Commitment
  • The home purchaser is responsible for covering all costs associated with finalizing the purchase of the home and must provide proof that are able to do so

Eligible Homes

  • Homes must be located in the Niagara region
  • Resale homes (home inspection required at buyer’s cost)
  • New homes (home inspection encouraged)
  • Purchase price cannot exceed $468,166* (*Maximum Purchase Price subject to change as per update from Ministry of Municipal Affairs and Housing)
  • May be detached, semi- detached, row or town houses or condominiums
  • Mobile homes are not eligible
  • Multi-residential properties such as duplexes and triplexes are not eligible
  • Must be modest in size and features
  • Cannot be a home in which the buyer or any member of the buyer’s family has an ownership interest

Homeowner Assistance

  • Homeowners will receive 5% of the cost of an eligible home (maximum $23,408.30) which is wire transferred to the lawyer at the time of closing on the purchase of the home
  • No interest will be charged on the loan
  • The loan is registered on title in second position for 20 years

Conditions for Repayment by Homeowner

The original down payment loan (plus five percent of increased value of the home) must be repaid if:

  • The home is sold before the 20 year period expires
  • The homeowner no longer lives in the home
  • The homeowner wishes to refinance the home for an amount greater than the original primary mortgage amount
  • The homeowner agrees to voluntarily repay the loan
  • The homeowner is in default of mortgage or Housing Services loan agreement

How to Apply

  1. Mortgage Pre-Approval
    • Please contact a mortgage broker, trust company, credit union, bank, or other qualified lender of your choice to apply for a no-cost pre-approval.
  2. Homeownership Application
    • Complete an application, available by request or to download at www.nrh.ca/homeowners
  3. Required Attachments
    • Review your application carefully to ensure all requested supporting documentation is attached. Applications that are incomplete or missing required documentation will be returned.
  4. Submit Application

Once an application has been deemed eligible it will be held for consideration and approved on a first-come, first-serve basis. If there are any remaining applications they will be placed on a waiting list in order of submission date.

When all funding has been utilized, eligible applicants remaining on the waiting list will be advised accordingly

Visit www.cmhc.ca/en/co/buho/index.cfm to find out if homeownership is right for you.

Updated June 2021

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