Here is something that you may want to consider when purchasing or renovating a home in the Blue Mountains. It’s a reminder about The Blue Mountains Attainable Housing Corporation. The corporation was created in 2014 to support and create some financial assistance for the purchase of a home and also the creation of an accessory apartments in the area.
I personally believe in and support the goals of the corporation. The goal is to increase the diversity of homeowners which will help with the sustainability of our schools, community facilities, businesses and ultimately improve economic prosperity in The Blue Mountains.
Down Payment Assistance program
This program is targeted to the renters in the area and beyond. The Program is designed to give those wishing an opportunity to live here, but can’t afford to do so, so the municipality is offering a hand up into home ownership in the Town of The Blue Mountains. This help comes in the form of a zero interest loan for the down payment of a home for a first home buyer with a purchase of a home under $400k. An interesting piece was created this past week from CTV Barrie about the subject of affordability in the municipality. It is probably inappropriate for me to be critical but what the heck, as of 2017 we have a total of 150 condominiums and single family homes that are actively being marketed in the Blue Mountains. We have 107 that are over the threshold of $400k with 43 within the parameters of the program. More importantly there are only 4 single family homes with a majority that are condos. In my opinion there is still lots of opportunity for improvement in the program but I think we are on the right track. I think even though it is a new program a stronger more poignant marketing campaign could fuel the program. Anyway I will be speaking and promoting it, as I sell real estate throughout the area.
Secondary Suite Assistance Program
The Town has given 10% to a maximum of $5k to your project. Obviously there are a number of requirements that seem to be fair encouragement to entertain a secondary suite in your home. I do belive the limit could be higher closer to $20k maximum as a lot of homes are not properly set up with a secondary private entrance. I would want/need a new concrete outside entrance, with new deeper windows and most importantly movement of the original staircase to allow for access to the mechanical roof (furnace electrical and water) I am sure my cost would be more than $75k just for the basic work. The $5k might cover some of the soft costs IE permits drawings etc. I council wanted to add to the affordable residential pool they should create a larger incentive program in my opinion.
If you want I would love to discuss further options……Wondering what your property is worth? Click here