Anonymous asked in TravelCanadaToronto · 5 months ago

Is there a way to get a property in Ontario without a down payment?

I am disabled, and on ODSP. My roommate (I’ve known him since we were kids) is also on ODSP. He has mobility issues, I have health issues.

We both separately make $1169. We are excellent at paying bills, and so on.

I do not enjoy renting in a suburb, and unfortunately moving/renting a different house will cost us more than it would cost us to be paying off a house.

All I want, is no neighbours. I want to be able to paint, I want to feel like I live in my own place. I hate renting.

I’ve tried working in factory, which is all I have education for, or is available in the town I’m in. It’s too strenuous on my health. I’ve gone to Leads program, I’ve worked through job programs and no placement has stuck because my health needs accommodated. The only thing I can do with myself, is dog training. On my own schedule.

With that, I don’t make any real spare money to save, and I cannot train dogs in this rental, with a shared yard. I need a kennel license to do what I’d like to do.

Is there absolutely anything I can do, to get a house without a down payment?

I know a lot of people don’t understand disability, but dog training is not strenuous whereas most day to day jobs are.


Okay, thanks guys.

I hope I was clear that theres $1169 x2 because my roommate would be paying as well.

Update 2:

Our rent rn is $1000+ for half of a house

8 Answers

  • Jahal
    Lv 5
    3 months ago

    Does Canada have tiny house communities?

    Or trailer park homes? If so, maybe that's the level you should start with. Maybe you can buy a small tract of land and build a home on it.

    Are there low to moderate income condo units you could buy into?

    • Log in to reply to the answers
  • Anonymous
    4 months ago

    YES Pay cash up front. All of it. To have a dog kennel you need 5 acres of land and that will be a couple Million.$. and you need a business license and, and , and.

    I am bored already.

    You are Poverty People, so the chances of getting property is Zilch.

    Basically the same story in ANY COUNTRY ON THE PLANET.

    • Log in to reply to the answers
  • 5 months ago

    No; you can't buy a house without a deposit.

    • Log in to reply to the answers
  • 5 months ago

    Not if you need financing. The minimum down payment is 5% of the purchase price. That's a rule set by the federal government. In addition, people who want financing on a house must pass what they call a 'stress test', which means they must be able to pay the mortgage even if, or I should say even when, mortgage rates go up. They are, at this time, about as low as they've been in the last 30 years or so. When I bought my first house in 1978, I got a pretty good deal with a 10 and 1/4% mortgage. You'll see how that matters in the next paragraph.

    If you borrow, let's say, $100,000 to buy a house and the rate of interest on the mortgage is around 4%, your payments would be about $530 a month. That 4% would only be valid for a few years, then they change it to reflect current conditions. If it goes up to 7%, you'll have to pay $700 a month.

    You will also have to pay property taxes which are probably going to be at least $200 a month. You will have to buy insurance, at least $75 a month, and you will have utility bills which in Ontario is probably going to be at least $200 a month. I'm guessing on those figures and I'm guessing low. I don't live in Ontario but my relatives do and they tell me what they pay for that stuff. Banks take all that stuff into account when they decide if they can finance a house for you, if you can afford it. Right off the bat, with a 4% mortgage, your monthly bills for the house would be at least $1000 a month. No bank is going to lend money to two people whose basic house costs are half their income. Then there's the cost of maintaining and repairing a house. What would you do if you suddenly needed a new furnace, costing $3,000 and up? Or a new roof, $10,000 and up? Insurance does not pay for routine maintenance and repairs and every house needs them. Even if you could buy a house with no down payment, you can't afford

    Where I live, you can't get a kennel licence on a property of less than 5 acres. I'm sure it's similar in most places. And any place with a property big enough is probably not going to be one on a bus route so you'd need a car. Those cost at least few hundred a month to run, no matter which way you do it.

    I hate to discourage people, but you guys just don't have the income to buy a house. The only way you could do it is with a lot of financial help from someone.

    • Log in to reply to the answers
  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • opurt
    Lv 7
    5 months ago

    Disability or not, it's a 5% minimum down payment to qualify for any sort of mortgage, and even then you'd be paying extra in terms of CHMC premiums.

    Based on the CMHC calculator, with your stated income, a $1 down payment (as it won't let you enter 0) and absolutely no other expenses, with an interest rate of 5%, it shows that you can afford a house that costs $20. Not $200k which would be a cheap house as it is, but a whole twenty dollars. And since it matters, $1 is 5% of $20. You don't get reasonable numbers until the down payment is at least $10,000.

    • Log in to reply to the answers
  • Anonymous
    5 months ago

    The only way I can think of is if you inherit a house .

    Low income & no down payment = slim to no chance

    • Log in to reply to the answers
  • Anonymous
    5 months ago

    I don't think that's going to happen.

    • Log in to reply to the answers
  • Anonymous
    5 months ago

    Not a chance. Income too low too.

    • Log in to reply to the answers
Still have questions? Get answers by asking now.