New Homeownership Assistance Program Launched Today
If you’ve been renting in the London-Middlesex area and wondering how you’ll ever break into the market, this one’s for you.
What is the Program?
The Homeownership Assistance Program helps moderate-income renters purchase a home in the City of London or County of Middlesex. It offers an interest-free forgivable loan of up to 5% of the purchase price, capped at $25,000, with full forgiveness after 20 years.
Who is Eligible?
You may qualify if you meet all of the following:
- Age 18 or older.
- Currently renting in London or Middlesex County.
- Do not own any residential property, cottage or recreation property, in whole or in part — you also cannot be in a spousal relationship with someone who does.
- Household liquid assets ≤ $100,000.
- Home purchase price under $500,000.
- Maximum household income: $95,000 for single person, $115,000 for family.
- Must be eligible for a mortgage at a recognised financial institution, pay closing costs, and home must have an inspection.
How It Works
- The loan is registered on your title and remains interest-free. If you sell the home or default, you repay the principal plus 5% of any capital gain.
- If you stay in the home at least 20 years and no defaults happen, the loan is fully forgiven.
- Applications opened in October 2025 — first-come, first-served.
Why This Matters
The program removes a major barrier: the down-payment and early equity gap. If you’re stuck renting and want to build long-term value instead of paying someone else’s mortgage, this could be your ticket.
What to Do Now
- Check your mortgage readiness (credit, income, debt, down payment for closing costs).
- Save documentation: rental history, liquid assets, household income.
- Start an application here. I’ll help you navigate the form and process when it drops.
- Get in touch with me now so we can look at properties under $500K that meet the criteria and put in an offer — the application is processed as soon as you have an accepted offer.
Want help tailoring this to your situation or finding homes that work with the program? Reach out and we’ll chart your path to ownership in London/Middlesex.