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March 12, 2012
Government support key to low-income homeowner success: survey
  
Government funding is essential if low and moderate income rental households are to succeed in owning their own home, according to Making Homeownership Happen - Success through Partnerships, a first-of-its-kind survey conducted by the City of Toronto's Affordable Housing Office.

Almost three-quarters of respondents said they would not have been able to buy a home without financial support from governments, according to the Making Homeownership Happen - Success through Partnerships.

Almost four-fifths of those surveyed are satisfied with the transition to owning from renting. Some 70 per cent said their financial stability had improved or was expected to improve.

"It's clear from these results that homeownership for low - and moderate - income households is a success story," said Councillor Ana Bailão (Ward 18 Davenport), Chair of the Affordable Housing Committee. "This is government funding well spent. It allows low-income people to begin building equity and frees up affordable rental homes for those on the waiting list."

Some 14 per cent of those surveyed had been on the social housing waiting list or were Toronto Community Housing Corporation (TCHC) tenants before becoming homeowners. About 12 per cent earned less than $30,000 a year and 64 per cent earned between $30,000 and $70,000.

The 31-question survey was conducted between September and November, 2011. Some 236 people filled out surveys - a 40 per cent completion rate. The surveys were distributed by six organizations which work to provide affordable homeownership: Habitat for Humanity Toronto; Home Ownership Alternatives Non-Profit Corporation; the Women's Religious Project; Artscape; Miziwe Biik; and Toronto Community Housing.

Toronto is Canada's largest city and sixth largest government, and home to a diverse population of about 2.7 million people. Toronto's government is dedicated to delivering customer service excellence, creating a transparent and accountable government, reducing the size and cost of government and building a transportation city. For information on non-emergency City services and programs, Toronto residents, businesses and visitors can dial 311, 24 hours a day, 7 days a week.


Media Contact
Gil Hardy
Affordable Housing Office
416-397-4701
ghardy@toronto.ca

 

 

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