Homeownership Program

The governments of Canada and Ontario have allocated funding to the City of Greater Sudbury under the Ontario Priorities Housing Initiative (OPHI) Homeownership Program.

The Homeownership Program provides eligible applicants with a down payment in the form an interest-free 20-year forgivable loan, provided the home is not sold or rented for the term of the OPHI agreement.

The household income of applicants cannot exceed $93,800.

The purchase price of the home cannot exceed $297,383. Detached, semi-detached and townhouse units are eligible. Mobile homes, trailers and multi-residential properties, such as duplexes and triplexes, are not eligible under this program.

The amount of down payment assistance will be 10 per cent of the purchase price of the home to a maximum of $29,000.

Funding is limited. Applications will be accepted first come, first served until September 30, 2019 or until funds are expended.

What is the OPHI Homeownership Program?

The Ontario Priorities Housing Initiative (OPHI) Homeownership Program is designed to:

  • Ease the demand for rental housing by assisting low to moderate income households in the purchase of affordable homes.
  • Free up affordable rental housing stock to address waiting lists.
  • Provide low to moderate income individuals and families with an opportunity to own a home.

Who may be eligible under the Homeownership Program?

Applicants must:

  • be 18 years of age and a resident of the City of Greater Sudbury
  • neither own a home nor have an ownership interest in a home
  • not be living in a spousal relationship (including same sex spousal relationship) with a person who owns a home or has an ownership interest in a home
  • be vacating a residential tenancy (existing homeowners are not eligible)
  • be eligible for first mortgage financing from a Canadian Accredited Financial Institution
  • agree not to lease or rent the home they are purchasing for the 20-year term of the OPHI agreement.

Household income cannot exceed $93,800. For the purpose of the OPHI agreement, the household of an applicant includes but is not limited to:

  • the applicant
  • any person with whom the applicant is living in a spousal relationship (including same sex relationship)
  • any person over the age of 18 expected to normally reside with the applicant at the time of first occupancy.

What is eligible under the Homeownership Program?

To be considered eligible for an interest-free loan, the home must meet the following requirements:

  • Must be located within the City of Greater Sudbury.
  • Have coverage under the Ontario New Home Warranties Plan Act if it is a new construction.
  • A home inspection must be undertaken at the applicant's expense if it is a resale.
  • The purchase price does not exceed $297,383.
  • The house is not a mobile home, trailer or a multi-residential property. Detached, semi-detached and townhouse units are eligible.

Please note the applicant is responsible for all closing costs.

What happens if the home is sold or rented before the end of the OPHI agreement?

If the home is sold or rented and ceases to be the principal residence of the applicant(s) before the end of the 20-year OPHI agreement, the loan is repayable in full. There will be an additional charge of up to 10 per cent of any appreciation in the selling price.

For more information, please see Frequently Asked Questions about the Homeownership Program.

If you are interested in applying for an interest-free 20-year forgivable loan, please review complete eligibility criteria and terms of funding.

The Canada Mortgage and Housing Corporation has prepared the attached Homebuying Step by Step Guide to help Canadians meet their housing needs.

The attached Homebuying Step by Step Workbook accompanies the Canada Mortgage and Housing Corporation Homebuying Guide.

Applications

To apply, please print a copy of the attached application and complete by hand.

Applications must include:

  • one piece of photo identification (i.e. driver's licence, passport)
  • an original 2018 notice of income tax assessment
  • verification of income
  • a mortgage pre-approval from a financial institution and
  • a copy of your current lease along with a current rent receipt.

Applications will be accepted first come, first served until September 30, 2019 or until funds are expended.

Information

If you require more information please call 705.674.4455 extension 4229 or email homeownership@greatersudbury.ca