Habitat for Humanity’s threshold for providing its famous interest-free loans to struggling homeowners is just the latest example of how dire things are for prospective buyers in Canada’s most expensive cities.
For decades, the national non-profit has helped homeowners afford a place of their own through mortgages that require no down payment and aren’t tethered to Canada’s historically high interest rates. However, Habitat for Humanity does require prospective homebuyers to handle its interest-free mortgages on 30 per cent or less of their income. In Toronto, that means some families earning $100,000 are now on their watchlist.
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