Do you qualify for the "Home in Peel" ownership program?

Real Estate Agent

The Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit in the Region of Peel (Brampton, Caledon or Mississauga) the opportunity to qualify for down payment loan assistance to buy a home in Peel Region.

This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a resale home in the Region of Peel that does not exceed a purchase price of $295,000.

Do you qualify?

-Applicants must be 18 years of age or older
-Applicants must be a Canadian citizen or have permanent resident status
-Applicants must not own or have an interest in another residential property in Canada or elsewhere
-The home must be the sole and principal residence of the purchaser
-The applicant must currently be renting in Peel and looking to buy a sole and principal residence
-The applicant must have a total gross (pre-tax) household income not exceeding $80,000
-The applicant must be able to obtain a mortgage pre-approval from a bank/lender that is approved and insured by a mortgage default insurer such as Canada Mortgage and Housing Corporation (CMHC) and must submit it with their application
-Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
-The applicant must be able to pay all additional closing costs
-The applicant must supply all necessary documentation to the Region of Peel within the required timeframe

Due to unpredictability of closing dates, new homes will not be eligible for purchase under the program.

Participants may purchase:

resale detached homes
row homes
town (condominium or freehold) stacked homes
high-rise condominium units
Duplex, triplex or mobile homes do not qualify as eligible homes under the Home in Peel program.

The maximum house price for program participants in the Region of Peel is $295,000.

Approved applicants are eligible for $15,000 of down payment assistance.

The loan is for a 20-year period and no interest is charged if:

The home remains the sole and principal residence of the owner. The home is not rented, leased or sold in the 20-year period.
On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.
Repayment of the loan is required when:

The home ceases to become the sole and principal residence of the owner.
The home is sold before the 20-year period.
If during the 20 year affordability period, the property is resold, transferred, or otherwise disposed, and an appreciation in value is incurred, the purchaser will be required to pay back to the Region of Peel the loan and 5% of the appreciation.

If the home is sold for less than the original purchase price, the principal is forgiven; however, the sale must be at fair market value and must be an arm’s length transaction (meaning the property cannot be sold to a relative).

The purchaser should be aware that they are required to pay additional closing costs that includes, but is not limited to the following:

Home inspection fee
Lawyer’s fees
Land Transfer Tax

Interested applicants must complete the application form and provide all supporting documentation and return it to the Region of Peel within the required timeframe.

As funding for this program is limited, participants are selected on a first-come, first-serve basis. Once an application is received, a letter confirming eligibility will be sent within 30 business days. There is no wait list for this program; once all funding has been allocated, all remaining applicants will be notified by letter that the program has ended.

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