Ontario NDP Says They Will Help First-Time Homebuyers With Down Payments If Elected

Trying to buy your first home in Ontario could get a bit easier if the NDP is elected in June.

In a press conference on Thursday, Ontario NDP leader, Andrea Horwath, announced The Home in Ontario Plan, which would include the government giving out loans to first-time homebuyers to help with their down payments.

Those with an income under $200,000 a year could get a shared equity loan of up to 10% of the property's value. However, it would have to be paid back when the home is sold or when the owners choose to move out.

“This would help with that down payment and give young people and first-time homebuyers some hope that they will be able to afford a home,” Horwath stated in the announcement.

On top of this, Horwath also promises to work towards ending homelessness in the province, and focusing on the housing shortage that exists in some areas of Northern Ontario.

They also promise more affordable rent, which includes bringing back rent control for all units and stopping unfair elections.

Horwath states that rising housing prices across the province are "dashing people's dreams."

"We believe housing is a human right. We believe that young people should be able to get a safe, affordable place of their own when they’re ready."

"That folks should be able to rent without the constant threat of eviction or bank-breaking rent hikes. That buying a home should not be out of reach for hardworking families."

Ontario's election takes place on Thursday, June 2, 2022.