Hey there young people looking for your first house. I see where the average price of a home in Canada is now $420,000 and easily affordable by some, but not affordable by many others in Ontario. Why should it cost that much for a first time buyer? Many of us who are now in our 60swere helped to get our first new home by none other than the Government of Ontario. We got our first homes in Cardiff Acres (Sarnia) or Greenwood Park in Petrolia subsidized by the Ontario government (Conservative Premier Bill Davis at the time) for only $19,500 with a $985 down payment. Cost per month was about $330 including Principle, interest@8 3/4% and taxes. @9 3/4 % in Sarnia. Some of us look down our noses at people on welfare now, but we were bloody well happy to get a deal like that on a brand new house. I sold mine in Petrolia for $97,500 and moved back to Sarnia to a $150,000 raised ranch on Wiltshire. (1992) There were some requirements our friendly government made. You had to keep the house for 2 years ( or was it 5 years). If you sold early you could not profit by more than $500 a year and, initially, we rented the land but within 6 months they sold us the land for an additional cost of $1.62 per month. The government of Ontario held the mortgage for the first few years and then sold them to other lenders. Oh, and you had to have not owned a home in the previous 5 years to qualify. Within 2 years the house across the street from us sold for $49,000 and change. We held on to ours for 17 years because we liked the neighbours. THE POINT OF ALL THIS is that if it worked then - why not now? Lots of young people would love to get a brand new home for say $125,000 to 150,000 and lots of builders would like to build them, building material suppliers would love it too, so would realtors, lawyers and landowners. All of those people buying and even more people making money working to build them and selling products and, of course, paying TAXES on their earnings which would go back to our provincial government to pay for the governments costs. This may sound like a dumb idea, but then it did work back when we were young ( and a few people were older than us and they bought too). I KNOW THAT YOU WONT BELIEVE THIS BUT THE FEDERAL GOVT GAVE US $500 AND THE ONTARIO GOVT GAVE US $1,500 because we were buying our first house. Guess where that down payment came from? Maybe the provincial Conservatives should resurrect their idea because the NDP could beat them to the punch and do it first. Who is going to vote for the party that brings this forward? People staying in Ontario and NOT moving to Alberta - thats who. Have a nice day, y all.
Posted on: Wed, 19 Nov 2014 02:24:07 +0000
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