Report on Low-Income Home Ownership
On March 12, 2012, the City of Toronto’s Affordable Housing Office released the results of Making Homeownership Happen – Success through Partnerships, which surveyed 236 low and moderate income households about the transition from renting to owning.
The survey was distributed by six organizations which work to provide affordable homeownership: Artscape, Habitat for Humanity Toronto, Home Ownership Alternatives Non-Profit Corporation, the Women’s Religious Project, Miziwe Biik and Toronto Community Housing.
From the City of Toronto:
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.
Artscape Triangle Lofts is a condominium development created to preserve vital artist work and living space in the Queen West Triangle neighborhood of Toronto. The Lofts feature a mix of affordable rental units for professional artists as well as below-market ownership units for artists and non-profit arts professionals. Find out more at www.artscapetrianglelofts.ca
Further Reading: “Low-income renters to happy homeowners,” Ben Spurr, NOW Magazine, March 13, 2002.
