{"id":256067,"date":"2025-07-11T11:38:09","date_gmt":"2025-07-11T11:38:09","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/256067\/"},"modified":"2025-07-11T11:38:09","modified_gmt":"2025-07-11T11:38:09","slug":"london-seeks-to-revive-loan-program-as-canadians-struggle-with-mortgage-payments","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/256067\/","title":{"rendered":"London seeks to revive loan program as Canadians struggle with mortgage payments"},"content":{"rendered":"

\u201cThe purpose of the fund is to ensure that repayments from previous loans are reinvested to provide new loans, which creates a sustainable mechanism to support ongoing homeownership opportunities in the City of London and Middlesex County,\u201d said Scott Mathers, deputy manager of housing and community growth, in a statement first reported by CBC<\/a>.<\/p>\n

To qualify, applicants must be first-time buyers earning no more than $95,000 for individuals or $115,000 for families. Eligible properties must be owner-occupied, not exceed $500,000, and require an approved mortgage and home inspection. If a home is sold before the 20-year term ends, the loan and five percent of any capital gains must be repaid.<\/p>\n

Mounting mortgage payments nationwide<\/strong><\/p>\n

Calls for the program\u2019s revival comes as many Canadians grapple with a steep rise in monthly housing costs. A recent Zoocasa analysis of 22 cities found that average mortgage payments<\/a> have jumped more than $1,000 since 2015, with some cities like Toronto and Windsor-Essex seeing increases of over 150% in a decade.<\/p>\n

Meanwhile, TD Economics reports a rare decline in total mortgage payments, down 1.7% in late 2024, due to fewer high-balance mortgages entering the market. But that\u2019s small comfort to first-time buyers still facing historically high entry costs and limited affordable inventory.<\/p>\n

Many young Canadians are also struggling to save for future home purchases.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cThe purpose of the fund is to ensure that repayments from previous loans are reinvested to provide new…\n","protected":false},"author":2,"featured_media":256068,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7757],"tags":[748,98378,98380,393,4884,257,98379,16,15],"class_list":{"0":"post-256067","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-london","8":"tag-britain","9":"tag-canada-forgivable-loan-program","10":"tag-down-payment-assistance-canada","11":"tag-england","12":"tag-great-britain","13":"tag-london","14":"tag-mortgage-payments","15":"tag-uk","16":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114834407942932062","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/256067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=256067"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/256067\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/256068"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=256067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=256067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=256067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}