These are the best Toronto neighbourhoods for first-time home buyers
This September, Canada's federal government is launching program aimed at helping first-time home buyers afford their mortgages — but literally nobody who buys a house that exists in Toronto right now will be eligible.
Aptly named the "First Time Home Buyer Incentive" or FTHBI, the program essentially grants interest-free loans of 5 per cent toward the purchase of a resale home or 10 per cent toward the puchase of a new build. Many rules and stipulations apply.
By the real-estate brokerage Zoocasa's calculations, the maximum purchase price for a resale home that would qualify for even a 5 per cent down payment would be $505,000.
At present, the average house price in Toronto is $1,299,061. Even in the neighbourhoods where housing costs are cheapest (which, according to Zoocasa, are in Scarborough), the minimum average house price is a whopping $762,175.
There's good news, however, for those who want to take advantage of the FTHBI, and it comes in the form of condos... but only in specific neighbourhoods.
"According to recent data compiled by Zoocasa, there are only 13 out of the city’s 35 MLS district neighbourhoods where such homes are available," reads a report from the firm released today.
"And options are limited to condos located away from the city core, including North York condos and Etobicoke condos."
Here are the parts of Toronto in which a FTHBI could be used to buy a condo in Toronto, as per Zoocasa's analysis:
Join the conversation Load comments