Home Ownership Alternatives

Impact Areas:

Affordable home ownership for low and moderate income families.




Funding Amount:

Geographic Area:

Greater Toronto Area, Kitchener, Waterloo region


Non-profit financial corporation dedicated to making home ownership possible for low- and moderate-income families through providing them with 2nd mortgages.

Program Objective:

HOA supported developments are built according to local needs and requirements. All have been designed to reduce ownership costs to make them affordable to low and moderate income Canadians. Furthermore, the quality, scale and sustainability support the long term success of the buildings as part of their local community. HOA believes strongly that home ownership is one of the most effective ways for families to build equity and escape the cycle of poverty. Therefore HOA does not subscribe to the theory held by some that just because homeowners need some assistance to purchase their first home that their future gains should be confiscated through mandatory right of first refusal clauses or similar schemes.

Investment Type:

Down payment assistance in the form of 2nd mortgage

Key Features:

Partnering with HOA, MSI (Mortgage Services Inc.) is an FSCO-licensed Mortgage Broker (Broker #12009), and is responsible for handling all of HOA’s mortgage affairs.
MSI Mortgage Services Inc. provides shared appreciation 2nd Mortgages to help reduce the amount required from home buyers for the down payment on their first home – which, by extension, allows families with lower incomes to become home owners. We offer extra help, thereby saving home buyers thousands of dollars that would otherwise be required of them to obtain high-ratio mortgage insurance.

Client Group:

Low income families