3 examples of Dundee Kilmer’s MyHome program in action
By Lucas on Oct 26, 2015
Post the Pan Am/Parapan Am Games, everyone in Toronto and the GTA knows about the Canary District, Dundee Kilmer’s master-planned community in Toronto’s east end that served as the Athlete’s Village for the Games. What some may not know about the community is the fantastic MyHome program offered to first-time homebuyers.
With rising prices in Toronto, the most common and largest obstacle for first-time homebuyers is saving up for a large enough downpayment. There are two ways that the MyHome program can help you:
1) You pay $1,000 with the offer, then top up to 1.5% in 30 days, and another 1.5% in 90 days for a total down payment of 3%.
2) You receive an interest-free 10% loan from the government, giving you a total of 13% towards your new home.
Let’s take a quick look at three examples of the MyHome program in action using floor plans available at Canary Park (the second phase of market condos in the community scheduled for spring 2016 occupancy).
NOTE: *Subject to eligibility ** Based on RBC 5 year fixed, 25 year amm. Rates as of Oct. 22, 2015
X2: One-bedroom, 515 square feet
Purchase Price: $294,900
Discount ($18K): $276,900
Get a 10% FREE Loan: $27,690*
Plus 90% Mortgage: $249,210
Mortgage Insurance: $5,981
TOTAL MORTGAGE: $255,191
Monthly Payments
Principal & Interest: $1,168.75**
Mo. Taxes: $288.44
Mo. Maintenance Fees: $262.65
TOTAL MONTHLY CARRYING COST: $1,719.84
Qualifying Household Income: $58,965
M: One-bedroom+den, 631 square feet
Purchase Price: $359,900
Discount ($20K): $339,900
Get a 10% FREE Loan: $33,990
Plus 90% Mortgage: $305,910
Mortgage Insurance: $7,342
TOTAL MORTGAGE: $313,252
Monthly Payments
Principal & Interest: $1,434.66
Mo. Taxes: $354.06
FLOOR 2-6 FLOOR 7, 9 FLOOR 8
Mo. Maintenance Fees: $321.81
TOTAL MONTHLY CARRYING COST: $2,110.53
Qualifying Household Income: $72,361
U: One-bedroom+den, 694 square feet
Purchase Price: $389,900
Discount ($20K): $369,900
Get a 10% FREE Loan: $ 6,990
Plus 90% Mortgage: $332,910
Mortgage Insurance: $7,990
TOTAL MORTGAGE: $340,900
Monthly Payments
Principal & Interest: $1,561.29
Mo. Taxes: $385.31
Mo. Maintenance Fees: $324.36
TOTAL MONTHLY CARRYING COST: $2,270.96
Qualifying Household Income: $77,861
Do you qualify for the MyHome program?
If the above floor plans have made you realize that you can easily afford a new condo unit at Canary Park, then you need to make sure that you qualify to take advantage of the MyHome program. Here’s a checklist:
- You are 18 years of age or older
- You are a permanent resident or citizen of Canada
- You are currently renting and don’t own any other property in Canada
- You plan on using the new condo unit as your first and principal residence
- You are eligible for financing
- Your total household income is less than $82,600 per annum, including everyone over the age of 18 who will be living with you.
For more information about the Canary District community and the MyHome program, visit the presentation centre at 398 Front Street East anytime Monday to Thursday from 12 pm to 6 pm or on the weekend from 12 pm to 5 pm. You can also call 416-603-7576 with any questions.
