Quote:
Originally Posted by Cecil Terwilliger
Thanks to Attainable Homes Calgary I only had to put down $2k and the other $20k was gifted (thanks taxpayers!). Otherwise I could see how a downpayment would be tough. Seriously though it is a great program for anyone who makes $50-80k and is a first time homebuyer.
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It's only a 'gift' if house prices decrease, even so the treatment of a 'forgivable' loan means you still pay interest on that factored into your mortgage price. As you probably already know appreciation on the value of your property will be split.
Is saving $22K really that unreasonable to expect of someone to become a homeowner?