MyHome program helps first-time condo buyers

First-time condo buyers looking in the Canary District can take advantage of a new program being offered called MyHome. Through this program, first-time condo buyers may be eligible for a government offer of an interest-free loan equivalent to a 10 per cent down payment. For further financial leverage, the offer can also be combined with the federal government’s Home Buyers’ Plan, which allows first-time home buyers to borrow up to $25,000 from their Registered Retirement Savings Plan to go toward the cost of a new home.

“This incentive was chosen as we wanted to help homebuyers realize ownership, and understand the difficulties they are faced with in terms of deposits and mortgages etc.,” says Jason Lester, senior vice president of Dundee Kilmer.

To be eligible for the program, purchasers need to be: currently renting, not owning; a first-time buyer with the unit being the principal residence; have a total household income of $87,800 (including all individuals over 19 who will be residing in the home); a permanent resident or citizen of Canada; be over 18 years old.

Built by Dundee Kilmer, Canary District has been named Community of the Year by the National Association of Home Builders (NAHB) and the Building Industry and Land Development Association (BILD), and received the Canadian Architect’s Award of Excellence. The midrise buildings of Canary Park Condominiums + Townhomes enclose a landscaped central courtyard, with each building facing a different street for a choice of park, promenade, lake or downtown skyline views. The condominiums and townhomes comprise two architecturally pristine towers with a contemporary, eclectic esthetic and an exclusive residents-only courtyard with open, cabana-style seating. On-site amenities include designer lounges, catering kitchen, billiards and dining rooms and fully equipped fitness facilities. Located at Bayview Ave. and Front St., prices start in the mid-$200s; closings are scheduled for spring 2016.

The Canary District is adjacent to the Distillery District and the 18-acre urban oasis Corktown Common park, which connects with pedestrian and bike paths on the Don Valley Trail system, making it the start of an 1,800-km network. Situated directly on the new Cherry Street streetcar line, it’s just minutes to the subway, giving residents an ideal balance of city hustle and laid-back living.

Visit the presentation centre at 398 Front Street, Monday to Thursday from noon to 6 p.m. or weekends from noon to 5 p.m., and find out more about MyHome Program. Call 416.603.7576 or visit online at canarydistrict.com.