Relief for first time home buyers is finally here, but not for anyone looking to buy in Orangeville or Caledon.
The new federal First-Time Home Buyer Incentive (FTHBI) is here, which provides shared equity loans of 5 per cent towards the down payment of a resale home, and 5 per cent or 10 per cent for newly-built homes, thereby reducing monthly mortgage payments for buyers who qualify.
However since Orangeville and Caledon’s condo and home prices average well above the $505,000 maximum qualifying price limit, buyers wanting take advantage of the program will have to look at other housing markets.
Zoocasa list the average home price in Orangeville at $602,414, while condo prices average at $664,500, and condo sales are low in town.
Caledon’s average semi-detached and attached home is priced at over $998,000 and condos prices average at $670,000.
