how it works
own a home with habitat
Do you want a home of your own in the GTA? It’s tough, we get it. The prices are steep, and the mortgages are out of reach. But don’t despair. Habitat for Humanity GTA is here to help. In this video, learn the basics about our model, which lets you buy a home with no money down, pay less every month, and save more over time. Sounds great, right? Watch the video to learn the basics today.
no catch, just commitment
In just under three minutes, learn about our eligibility requirements, the financial stability factors, the volunteer work expectations, the partnership duration, and the support and process that we offer to our partner families. This video will give you a clear overview of what it means to own a home with Habitat, and how you can take the first step. Watch the video now and see if you qualify for a Habitat home.
The Application Process
1. Fill out our eligibility quiz to see if you qualify, and select the community that you’re interested in.
2. If eligible, you’ll receive a link to a pre-application form to confirm that you meet our minimum requirements
3. If successful, you’ll receive a links to our virtual information session and full application form. (You may not hear from us for a couple of months as we review your application, but it’s worth the wait!)
4. If you’re a good fit for our program, we will connect with our lending partner to secure a first mortgage.
5. Once your mortgage has been pre-approved, you will get to meet a member of our team. Your file will then be considered by a committee.
6. If you are selected, you will be offered a home!
At Habitat for Humanity GTA, we help families, couples and individuals unlock the benefits of a home now when it matters most. We make homes affordable in the following ways:
No down payment required
It can take decades to save for a down payment! Our homes don’t require one.
Affordable Mortgage
With our program, you pay a mortgage you can afford, what we call the first mortgage. Then, we provide a second mortgage to bridge the gap.
Peace of Mind
Initially, you won’t spend more than 32% of your total income on housing (shelter) costs. We want you to have more of your earnings in your pocket so you can build savings, invest in education, and more.
Eligibility requirements
- For family-sized homes, potential applicants must be the parent or legal guardian of at least one child 16 or under at the time of application; a child is not required for HomeStart homes.
- All household members moving into Habitat homes must be Canadian citizens or Permanent Residents.
- At least one applicant or co-applicant(s) must be employed full-time or full-time-equivalent, meaning multiple part-time jobs
- At least one applicant or co-applicant(s) must have at least 3 years of employment history in Canada.
- Applicant and co-applicant(s) must be first-time homebuyers currently living in rental housing.
- Applicant and co-applicant(s) cannot afford to purchase a home through the conventional market.
- No recent bankruptcies (must have been discharged three or more years ago), and no recent consumer proposals (must have been discharged at least 2 years ago).
- Applicants must be willing to enter a partnership that will not exceed 25 years. After 25 years, family, couple or individual is asked to sell home back to Habitat GTA.
How You Build Equity with a Habitat Home
With a Habitat home, you will pay into your first mortgage, which is set at what you can afford. As you pay into this first mortgage you build savings. In some cases, you may start paying into your second mortgage.
Example:
Denise and Felipe have a first mortgage valued at $250,000. After 5 years, they have so far paid $32,000 into this mortgage.
Habitat GTA provides you with an additional gain, typically set at 2% of the total value of your first mortgage.
Example:
Denise and Felipe gain 2% on their mortgage of $250,000 compounded over time. After 5 years, their gain would be $26,000.
When you decide to move, you receive all funds paid into your first mortgage + the additional gain. Habitat GTA buys back your home and provides it to a new family.
Example:
Denise and Felipe have decided to move out. They receive all the funds from their mortgages ($32,000) plus their gain of ($26,000) for a total of $58,000.*
“Seeing my son in a room of his own, in a place we can finally call our own, means the world to me. For the first time, we feel a sense of peace, free from the fear of escalating rent or the need to leave our beloved city. This would not have been possible without the incredible support from Habitat for Humanity GTA. You have truly changed our lives.”
Jenny, Habitat Partner Family
*For example purposes only. Individual situations will vary. Based on mortgage interest rate of 4%.
Check out our homes
We have homes available in Toronto, Brampton and Durham, with new ones always added. See where you could be living next.
The Fine Print
Interested in taking a look at the details of our program policies and terms? Download our recruitment policy document below.
ready to get started?
A home of your own is a life-changing experience. It allows you a place for your growing family to lay down roots and create lasting memories. It’s an opportunity to build wealth through your home and in your career.
But before you apply, you need to take our eligibility quiz. It is a simple and convenient way to find out if you qualify for our program and what to do next.
Don’t delay, take the quiz now and learn how you can own a home of your own with Habitat for Humanity GTA.