What happens when the income/financial position of a family changes?
The income of all Habitat Toronto homeowners is reviewed on an annual basis. If income increases, monthly payments of their mortgage, property tax, insurance and condominium fees are adjusted to remain at 30% of their monthly income. If income decreases, usually due to a temporary situation such as a job loss, similar adjustments may be made to maintain affordability during this period of decreased cash flow. Habitat for Humanity Toronto is committed to educating and supporting partner families toward successful Home Ownership. This commitment has resulted in a low mortgage default rate of about 1% in Canada.
