Homeownership

Homeownership

The program provides loans of up to 10% of the purchase price, to a maximum of $75,000 to qualifying Indigenous households to assist with a down payment to purchase a home off-reserve in the GTA.

 

Am I eligible for a loan?

The Homeownership Program is targeted to Indigenous households who intend to purchase a home in the GTA as their principal residence. Applicants must meet the following minimum criteria:

  • must be Indigenous Canadian including status and non-status First Nations, Métis or Inuit
  • must be 18 years of age or older
  • must be currently renting
  • must intend to live in the property as a principal residence
  • the total household income must not exceed the maximum household income. The amount changes annually, please see chart below
  • must qualify for a first mortgage from a bank or trust company having a minimum term of 5 years at the 5 year fixed rate or 5 year variable capped rate. Please notify us if you require information in obtaining a mortgage broker
  • the purchase price of the home must be below the current maximum house price for the municipality in which the applicant wishes to purchase. These prices are updated annually, please see chart below for current price limit
  • must not own land or have an interest in any other property that is located off-reserve
  • must not intend to receive assistance under any other homeownership initiative and/or any other federal or provincial homeownership programs

 

How do I apply?

Applicants are required to attend a Homeownership Seminar hosted by MBDC on Zoom. Information sessions are held monthly. Please email [email protected] to register for the session and to receive a loan application.

You will be required to submit verification documents including, proof of Indigenous identity, income verification documents and other supporting documents which apply to your situation (detailed on pg. 6 of the appliction form).

This program is supported by the Province of Ontario.

Read the guidelines

Maximum Household Income Level*

  • City of Toronto:

  • Single – $119,800; Two applicants – $146,800

  • Durham Region:

  • Single – $149,100; Two applicants – $176,100

  • Halton Region:

  • Single – $170,200; Two applicants – $204,300

  • Peel Region:

  • Single – $147,900; Two applicants – $174,900

  • York Region:

  • Single – $158,500; Two applicants – $190,200

  • *Statistics Canada, 2021 Census of Population; 2024 incomes estimated based on 2020 inflated using Consumer Price Index.

Maximum House Price Limit*
  • City of Toronto — $1,146,457
  • Durham Region — $893,027
  • Halton Region — $1,206,338
  • Peel Region — $1,052,529
  • York Region — $1,271,012
  • *Source: Real Property Solutions House Price Index, 2024

Upcoming Virtual Homeownership Seminars

Seminars are held over Zoom.

Register to attend by contacting us at [email protected].

Attend one of the following dates:

  • July 16
  • August 20
  • September 17
  • October 15
  • November 19
  • December 18