Homeownership

How it works

At Habitat Grey Bruce, we help working families realize their dream of owning a home. We make homes attainable and affordable in the following ways:

Family-Centric

Finding the right home can be a real challenge. We design our houses to meet the needs of each qualifying family.

No down payment required

It can take decades to save for a
down payment! Purchasing our homes doesn’t require one.

0% Interest Mortgage

We finance the purchase of our homes with a 0% interest, 20-year term mortgage with monthly payments set at 25% of household income including property tax and condominium fee (if applicable)

Eligibility Requirements

• Applicants or co-applicant(s) must be parent or legal guardian of at least one child aged 16 or younger at the time of application

• Applicants and co-applicant(s) must be Canadian citizens or permanent residents

• Either the applicant or co-applicant must be employed full-time or full-time equivalent

• Applicant and co-applicant(s) are currently living in rental housing and cannot afford to purchase a home through the conventional market

• No recent bankruptcies (must be discharged three or more years prior to applying)

• Preference will be given to applicants or co-applicant(s) who already work or live in the communities where we are building homes

Habitat for Humanity Grey Bruce, in partnership with Wilson Developments, is now accepting applications for 2-bedroom, 2-bathroom condominium townhouses in Port Elgin.
Interested? Read more below.

Application and Selection Process

Applicants are selected based on their need for better housing, ability to pay a mortgage and willingness to partner with Habitat Grey Bruce.

Need for Affordable Housing

Families will be considered for a Habitat home if they are living in core housing need due to overcrowding, unsafe environment, unhealthy or unaffordable (current housing costs are more than 30% of total household income).

Ability to Pay a Mortgage

Families must demonstrate their ability to pay an affordable mortgage.

Employment income must be sufficient to cover homeownership costs. Total family income (line 15000 of the CRA Notice of Assessment) must fall between $81,000 and $107,000 to qualify.
Ontario Works is not an acceptable source of income.
Applicants and co-applicants must consent to a credit check.
Total household debt must not exceed 40% of income.
Have not declared bankruptcy in the past 3 years.

Willing to Partner

Each family approved for Habitat’s Homeownership Program becomes a partner in our work. Habitat families are our greatest ambassadors, and as such are asked to help with a variety of initiatives that advance our mission.

Each selected family will be asked to fulfill the following partnership requirements:

Contribute 500 volunteer hours (350 hours for single parent families) toward the construction of homes or a variety of other Habitat initiatives or in one of our ReStores.
Commit to a homeownership and mortgage agreement with Habitat Grey Bruce.
Attend homeowner education workshops to prepare for first-time homeownership.

How to Start the Process

Step 1: Expression of Interest

Fill out our Expression of Interest today to find out if your family qualifies for a Habitat home. Click on the link below.

Please note:

You will receive an acknowledgement email within 2-3 business days of submission. Only those who meet the eligibility criteria for a specific project will be invited to the application phase.
You must ensure that you have filled out the Expression of Interest correctly and completely.
This is an online application – see below the button to apply. Alternatively, you can download a printable form here.

Step 2: Application Process

When houses are available for purchase, pre-qualified applicants will be provided with a full application form to complete and submit. Only complete applications will be considered. The review process involves the following:

A fair and equal assessment.
Interviews, home visits, reference checks and credit checks.
All qualifying applicants will be presented to Habitat Grey Bruce’s Board of Directors for evaluation and final selection using a blind process (names of applicants and co-applicants will not be shared); selected applicants will be notified of the Board’s decision.

Applications that are not selected will be kept on file for 2 years after the decision is made and may be considered for future homeownership opportunities.

PLEASE NOTE: Habitat staff are available to assist applicants with completing their applications.

How You Build Equity with a Habitat Home

As a Habitat homeowner, equity is created through the accumulation of monthly mortgage payments and a share of any increase in the fair market value of your home. Your share starts at year 6 from move-in and increases yearly until year 20, when you are eligible to receive 100% of the increased value of your home.

Example:
Denise and Steve have a Habitat mortgage valued at $250,000. After 8 years, they have paid $50,000 off their mortgage. Their home has increased in value by $40,000 and their share of this increase in value is $12,000 (30%). Their total equity gain would be $62,000 (less 5% administration fee).