Up: the house price in Ottawa?
- 主题发起人 blueray
- 开始时间
To qualify for the program, a single person must have an income of less than $62,600 and a household of two or more must earn less than $75,800. Recipients can receive up to $9,700; technically, the program offers loans, but recipients who stay in their new houses for 20 years don't have to pay them back.
Under the program, the house being purchased must be within Ottawa and have a price less than $285,778, which Mr. Mawby said is close to Ottawa's median house price. The household must also qualify for and secure a mortgage. Recipients who move in less than 20 years have to repay their loans and give the city five per cent of any increase in their homes' worth; if participants default, the city has its stake returned after the banks receive theirs.
The downpayment assistance will be given out on a first-come, first-served basis, Mr. Mawby said. Application forms are available on the city's website or by calling the city's affordable housing unit at 613-580-2424, extension 43136 or 44154.
Under the program, the house being purchased must be within Ottawa and have a price less than $285,778, which Mr. Mawby said is close to Ottawa's median house price. The household must also qualify for and secure a mortgage. Recipients who move in less than 20 years have to repay their loans and give the city five per cent of any increase in their homes' worth; if participants default, the city has its stake returned after the banks receive theirs.
The downpayment assistance will be given out on a first-come, first-served basis, Mr. Mawby said. Application forms are available on the city's website or by calling the city's affordable housing unit at 613-580-2424, extension 43136 or 44154.
DanceWithWolf
知名会员
- 注册
- 2002-05-06
- 消息
- 918
- 荣誉分数
- 16
- 声望点数
- 128
It is a game. The winners are City of Ottawa (more property tax) and builders (more profit). Who are in pain? people like you.
If people pay as less down payment in this house as they can. $280000*20% = $56000, - 9700 = $46300
Then after 5-10 years, one could buy another house and keep this house for renting, in this way, you don't need to pay back.
I think 5% of capital gain is very reasonable, people are not paying any interest. And if people have the ability to move up, they should have the capability to pay the interest now.
House is the best tool to defeat inflation. $9700 will worth much less 10 years later with the current trend of inflation.
This program will benefit the buyer for sure if one qualify and lucky enough to get it. I don't mind have some free money of $9700 in my pocket if I am qualified. That's almost one year of rent.
Then after 5-10 years, one could buy another house and keep this house for renting, in this way, you don't need to pay back.
I think 5% of capital gain is very reasonable, people are not paying any interest. And if people have the ability to move up, they should have the capability to pay the interest now.
House is the best tool to defeat inflation. $9700 will worth much less 10 years later with the current trend of inflation.
This program will benefit the buyer for sure if one qualify and lucky enough to get it. I don't mind have some free money of $9700 in my pocket if I am qualified. That's almost one year of rent.
