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Ontario Home Buyers

Oshawa is an exciting, growing and vibrant community drawing much attention from home buyers. To recap how the program works, participants must put down at least 5% of the home's value with their own money, while the government (through the Canada Mortgage and Housing Corporation) would contribute an additional 5% of the down payment if the purchase is of an existing home, or 10% if it's a new build.
This income support—paid at 55 per cent of a person's average weekly earnings—would help workers cover their living expenses, providing support for ongoing payments such as mortgage payments, electricity bills, and general life costs, while on training and without their regular paycheque.



B20 requires borrowers who pay a down payment of more than 20 per cent to demonstrate that they can afford a mortgage (or home equity line of credit) at a rate two percentage points above the rate being offered or at the Bank of Canada's five-year benchmark rate, whichever is higher.
2 Rates shown are only available for new first priority mortgages on already built, owner-occupied properties with amortization periods of 25 years or less, down payments of less than 20%, insured mortgages and are subject to meeting lender and mortgage insurer credit granting criteria.

Both newly constructed and existing homes qualify for purchase, provided they are under the value threshold, but if you buy an existing home, it must undergo an inspection and you must pay for it. Mobile homes also qualify, but title to the land must be included in the purchase.
Most of the controversy comes from a so-called stress test” designed by former prime minister Stephen Harper's government to prevent Canadians Sell House for Cash Ontario from going into irreparable debt, a test members of the Ontario Real Estate Association say is detrimental to first-time buyers.

Receive a 25% rebate when you build a home through one of Genworth Canada's qualifying energy-efficient building programs or meet the prescribed minimum Natural Resources Canada EnerGuide requirements and fund it through a Genworth Canada insured mortgage.

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