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Home Ownership Program

by Geoff,

Midland currently has a large renter community that is trying to break into home ownership. Home ownership instills pride, provides stability for growing families and is a key metric in upward mobility. With a robust Home Ownership Program in Midland, we can promote an even more resilient, proud town of winners while costing very little to get off the ground.

A major barrier to Home Ownership is the down payment required. The City of Kingston Home Ownership Program removes that barrier by providing the down payment in the form of a second mortgage. Kingston is paid back the down payment plus a percentage of capital gains when the homeowner sells. The city then rolls the funds back into the program snowballing the scope with time. See:

Simcoe County has a similar program that could be used as a reference but if Midland had it's own program, unsuccessful applicants could be referred to the County Program. See:

I am a beneficiary of the Home Ownership Program in Kingston Ontario while I was posted there in 2012. The program was in it's infancy at that time and has grown in scale and scope since those early days. As a Millennial, this helped get me on the property ladder and I wouldn't have been able to purchase Georgian Bakery without that initial boost and some luck along the way.

I think Midland would benefit greatly from even a modest start. 10-50 homeowners would cost between $325,000-$1,625,000 in second mortgage loans. It the perfect way to invest in ourselves.

-Geoff White, Georgian Bakery

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