As the cost of home ownership throughout Toronto continues to soar, first-time homebuyers are usually the ones to most acutely feel the pinch of a red hot housing market. While the rising home prices evidence high demand and desirability, prospective homebuyers can occasionally feel left behind in a market that delivers profits on high-calibre investment while gradually becoming less affordable overall. To help first-time homebuyers take that inaugural step into ownership, the MyHome program at DundeeKilmer's Canary District Condominiums offers an innovative finance formula, easing the strain on buyers.
The MyHome program combines a Provincial loan with bank financing to buyers with a combined income of up to $88,000, putting ownership of the KPMB Architects-designed condo within reach for a wider range of buyers. "Applying for the program is very simple," DundeeKilmer's President, Jason Lester tells us. "We want to encourage home-ownership that serves ordinary people in the best possible way," he continues, explaining the short three-step process to home ownership. Full details of it can be found on Canary District's official website.
"At signing, the buyer(s) pays only $1,000 with a further 1.5% balance to be paid after 30 days, then again after 90. Upon signing, the homebuyer(s) then applies for a 10% down payment loan from the Provincial Government, leaving the remaining cost to bank financing," Lester explains.
The program is currently available to Canadian citizens and permanent residents who intend to make the property their primary residence, and runs until March 31st, 2016. Approximately 50 units—with an average price of around $350,000—are available, giving first-time homeowners the chance to become part of what is set to become a vibrant and eclectic new neighbourhood.
More information about the MyHome program is available here, while additional information and renderings can be found in the related dataBase files below. Want to get involved in the discussion? Check out the associated Forum threads, or leave a comment using the space provided at the bottom of this page.
|Related Companies:||Baker Real Estate Inc., Dream Unlimited, DundeeKilmer, EllisDon, KPMB Architects, LiveRoof Ontario Inc, Montana Steele, Studio Munge, tcgpr (The Communications Group)|