Applications are accepted on an ongoing basis. Employees can apply at any time during the eligibility period, including before you begin to search for and after you have purchased a home. The process is outlined below.
The Federal Government has passed new legislation that has implications for non-Canadians who are interested in purchasing a home in Canada. The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada for 2 years effective January 1, 2023. The Act and Regulations provide exceptions for work permit holders if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property.
For further information, please visit the link provided above for the legislation or visit the CMHC website for a summary and highlights of the legislation. If you are a non-Canadian, please consult a real estate lawyer before purchasing a home.
Step 1: Complete the application
Confirm your eligibility by completing the Housing Assistance Program application form and submit to Faculty Relations. Faculty Relations will confirm that you hold an eligible position. The confirmation will be sent to you and is valid for a one-year period.
Step 2: Purchase an eligible property
Once you have a signed Contract of Purchase and Sale or a Title Certificate, complete an election form as outlined in Step 3. Submit the Election Form at your earliest opportunity to provide Treasury with adequate time to prepare and complete all necessary documentation prior to the closing date. If your confirmation is no longer valid, submit a new Housing Assistance Program application to Faculty Relations as outlined in Step 1.
Step 3: Complete the election form
Completed the Election Form to confirm your participation in the Down Payment Assistance program and forward the following documents to your dean's office:
- completed Election Form;
- copy of your Eligibility Confirmation; and
- copy of the signed Contract of Purchase and Sale or the Title Certificate for an eligible property.
The Dean will acknowledge receipt and forward the documents to Treasury.
Step 4: Final instructions
The Treasury department will contact you with final instructions, including the completion of relevant program agreements.
If you still have questions about the Down Payment Assistance Program, please contact Treasury at firstname.lastname@example.org