BRAMPTON, ON. (July 17, 2008) – Recent adjustments to the Canada-Ontario Affordable Home Ownership Program (AHOP), locally called Home in Peel, will make more potential residents eligible to apply for down payment assistance to purchase a resale home in Peel.

The provincial government has announced changes to the program that:

•Increase the household income limit, making more people eligible

•Increase the price limit of resale houses, resulting in a larger pool of eligible homes

“Regional Council initially expressed concern with the Canada-Ontario Affordable Home Ownership program’s maximum funding limits and 20-year affordability period,” said Patricia Mullin, Regional Councillor and Chair of the Human Services Committee. “We’re happy that the Canada Mortgage and Housing Corporation and Ministry of Municipal Affairs and Housing heard our concerns. The changes to the program reflect our recommendations to adjust the key eligibility requirements to increase the scope and the reach of the program.  The result is that more individuals and families in Peel will be able to achieve home ownership.”

Changes to the Home in Peel Affordable Ownership Program now in effect:

•Maximum household income increased to $75,800 (from $62,600)

•Maximum resale purchase price for a home in Peel increased to $247,500 (from $208,000)

•Maximum down payment assistance increased to $10,000 (from $8,500)

Under the program, the down payment allocation is considered a forgivable loan after 20 years of ownership.

The Region of Peel received $2.85 million under the Canada-Ontario AHOP designed to provide low-to-moderate income residents who are currently renting a unit, the opportunity to qualify for down payment loan assistance. The management of the mortgage and other legal requirements rests upon the new home owner and their lender, not with the Region of Peel, which acts as the Service Manager of this initiative.


First-time buyers of resale homes can also take advantage of the Land Transfer Tax Refund of up to $2,000 from the provincial government. For more information, visit www.rev.gov.on.ca/english/refund/newhome/index.html.  

Demand for Home in Peel has far exceeded expectations since it was launched on May 1, 2008. As of July 14, 425 applications have been received. Of these, four applicants have been successful on closing a home and another 14 are expected to confirm a closing by September 2008.

Applicants who meet eligibility requirements will receive an information package with helpful tools and resources that will address their common questions and concerns when buying a home.

Applications and further program information can be obtained at www.peelregion.ca/homeinpeel, by calling 905-453-1300 or via e-mail at homeinpeel@peelregion.ca.

The end date of this program as per the provincial funding timeline is March 31, 2009.

The Regional Municipality of Peel was incorporated in 1974 on the principle that certain community and infrastructure services are most cost-effectively administered over a larger geographic area. The Region of Peel serves more than one million residents in the Cities of Mississauga and Brampton and the Town of Caledon.

For more information on the Region of Peel, please call 905-791-7800, or visit www.peelregion.ca.

Released by the Region of Peel on July 17, 2008 at 16:01