How to Apply

Program Qualifications

What is the Home in Peel Affordable Ownership Program?

The Home in Peel Affordable Ownership Program is designed to provide moderate income 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 $88,900 or less to purchase a resale home in the Region of Peel that does not exceed a purchase price of $330,000.

Participant Eligibility

  • Applicants must be 18 years of age or older
  • Attend a mandatory information session
  • 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 $88,900
  • 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
  • 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

Eligible Homes

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

Participants may purchase:

  • resale detached homes
  • semi-detached
  • 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 $330,000.

The Down Payment Loan

Approved applicants are eligible for $20,000 of down payment assistance.

In the event that the purchase price of the property is less than $200,000, the amount of the loan will be adjusted to equal 10% of the purchase price.

Secondary Financing

The Region's loan will be registered on title to the property as a second mortgage on the closing date of the purchase of the home.

Applicants must contact their bank/first lender to ensure that they will allow secondary financing.

Repaying the Loan

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.

In the event of default prior to the 20th anniversary of the loan, the following repayment scenarios may apply.

The attached chart is for reference only. The wording in your loan agreement is the only source for calculating the repayment of the loan.

Other Costs for the Purchaser

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

  • Deposit (minimum $5,000)
  • Home inspection fee
  • Lawyer’s fees
  • Land Transfer Tax

What is Needed to Qualify for the Home in Peel Program?

Interested applicants must attend a mandatory information session. An application form will be provided at that session. Applicants must submit a fully completed application with their supporting documents to the Region of Peel within the required timeframe. 

Only registered attendees at the mandatory information session will receive an application form and will be eligible to apply.

Only fully completed applications will be considered.

If you are considered eligible for the program, you will receive a letter confirming your eligibility and a Homebuyers Package. Being eligible for the program does not guarantee funding.

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Revised: Wednesday April 06 2016

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