Part of what we do as realtors is help our investor clients rent out their properties and there is one phenomenon that continues to puzzle us. Why is it that many of the renters we encounter are lawyers, therapists, sports events managers and other successful professionals with good incomes and yet continue to rent? Why throw away good money and pay for their landlord's mortgage?
We've realized that the challenge is not in their ability to carry a mortgage as they usually have the income to qualify but the inability to save up for the required down payment as their monthly income is just enough to pay for their living expenses and debt, a good chunk of which is usually from student loans for university.
The government is aware of this and has launched the Ontario MyHome Program with the goal of assisting Qualified First Time home buyers get into the property ladder and help them buy their first property.
This grant (note the term grant - which in effect is free money!!!) is a no-brainer for those who want to fast track their climb up the property ladder. As explained above, the government will extend to the buyer 10% downpayment at no interest.
Some conditions apply and we have more incentives as VIP agents of this project to offer like free maintenance for a year and more. It goes without saying that this program has gotten a good response so units are limited.
For more information, please click on this link.
Call us for an appointment so we can help you explore your options.