Homeownership assistance program

The department will provide assistance in the form of a repayable loan for 40% of the purchase price, closing costs and any modest repairs. Eligible applicants must meet your financial institution’s lending requirements.

The department will provide basic assistance in the form of a repayable loan to a maximum of $75,000. The department's financial contribution cannot exceed 50% of the total house costs. The applicant would have to provide proof of private financing that, when combined with our assistance, would ensure completion of the house. 

Whether you are purchasing or building a house, the loan will be repaid at 0% interest for households with incomes less than $30,000. For each $1,000 of income above $30,000, the interest rate will increase by 0.5% until it equals the provincial borrowing rate.

Loans will be amortized over a period not to exceed 25 years and will be subject to terms of one year.

This program is for families or individuals with total household incomes below $40,000. You must be a first-time homeowner or living in a substandard housing unit. 

Your household’s total debt service ratio, which is the percentage of your gross annual income needed to cover debts and loans, including your property costs and mortgage payment, must not exceed 42%. 

Any type of modest housing that qualifies for a 25-year conventional mortgage or a 20-year mortgage in the case of a manufactured home may be eligible.

• mini homes that are more than 15 years old
• dwellings that have the potential to generate income