British Expats - Mortgage stress test

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- - Mortgage stress test (https://britishexpats.com/forum/maple-leaf-98/mortgage-stress-test-911689/)

Re: Mortgage stress test

A 40 minute drive from me, is Windsor Ontario.
House prices are cheap by comparison to BC.
There was an article in the paper today about local employers being desperate to find employees at all skill levels.
Why would anyone want to eke out a basic living in Vancouver when different parts of Canada have so much more to offer?
Windsor has an international (although small) airport (YQG)
Think about it.

Re: Mortgage stress test

Quote:

Originally Posted by Siouxie (Post 12484522)

Not the same here. https://homeownersoon.com/rent-to-own-in-ontario

What rent to own means?
When you buy your home under a rent to own purchase program, you pay a monthly rent, and a part of this rent is credited as the down payment for your house purchase when you buy the home at some point in the future. This is a simple concept which allows you to own the house you desire, despite having a poor credit rating, or insufficient money for down payment. In a Rent to Own Program in Ontario, you get the opportunity to accumulate your down payment while you live in the house you desire to own. Rent to own a home in Ontario program is designed as a proactive step which allows you to have a home despite hurdles you may face from a Bank, from having Bad Credit or lack of Down Payment.

Oh now that is interesting. I think some further research on my part might be in order.

Re: Mortgage stress test

Quote:

Originally Posted by daveincolchester (Post 12484680)

For us we are tied to BC due to my wife's disability. Disability supports being mostly done at the provincial level means it doesn't move with you. While ON does have disability program there is no guarantee she would be approved, and the process could take over a year since you would first need to find a doctor in ON who would need to spend time treating you and reviewing medical records.

I don't have the earning power to support 2 people and there is no way to apply or even find out if one would get approved for disability in another province in advance, you have to move there first.

Moving isn't as simple when there are healthcare and disability involved and when disability benefits don't travel province to province, those with a disability tend to get tied to the province they are in at the time if their disability.

When health issue and disability is in the picture it complicates being able to move to a new province.

Re: Mortgage stress test

https://www.mcss.gov.on.ca/en/mcss/p...ly_online.aspx

Ontario Disability Support Program can help you with the cost of food and housing if you have a disability and are in financial need.

Note: The online application will only tell you if you may qualify financially for this program. There are other steps you will need to take to see if you qualify medically.

and https://www.ontario.ca/laws/statute/97o25b#BK4