Affordable Housing Programs in Canada

May 31, 2017
The government works with the Canada Affordable Housing Corporation (CAHC) and provincial and local authorities to make suitable housing more affordable for more people. These affordable housing programs come in many different forms, but the goal of all of the initiatives is to provide suitable housing for everyone.
Affordable Housing Programs in Canada

Forgivable loans

Ontario provides several examples of this type of housing program, which is based on forgivable loans. These are not only meant to help homeowners. In fact, some of the most widespread forgivable loan programs is aimed at creating more affordable rental units for seniors, recent immigrants, people with disabilities, low income families and the working poor.  Ontario Renovates, meanwhile, is a forgivable loan program for low income homeowners who want to make improvements to their home or create additional living spaces.

Rental help

Rental supplement programs are aimed at helping low income renters afford better housing. Basically, the renter has to pay a reduced rent, and the program pays the difference directly to the landlord. This helps the renter pay less in housing costs each month so that they can stay in suitable housing while they work to improve their finances.

Home ownership programs

For many people, the main barrier to owning a home is the down payment. Even if they have sufficient income to cover the monthly mortgage payments, it is difficult to come up with the initial sum of money needed to provide a down payment that many sellers require. A large down payment may also allow the homeowner to reduce their monthly payments to an affordable level. Some programs help buyers by giving them a low interest or no interest loan for the down payment, so that they can afford to buy instead of continuing to rent.

Other options

In British Columbia, non-profit housing providers and housing co-operatives give people other options for finding affordable housing. Instead of applying with the government, renters can instead apply directly to the co-ops or housing providers. These organizations offer housing at cost, so rent payments are usually quite a bit lower than for standard housing.

All of these programs can lower your housing costs so that you can focus on improving your finances. But what if some unexpected expenses arise? An online personal loan can help you cover your living costs so that you can have money for your rent or mortgage payments. Since these loans are meant to cover the time in between paydays, you can pay off the loan quickly. In  this way, you can deal with unexpected expenses without missing a housing payment.