Stratford Social Services helping renters bridge the gap toward home ownership

Galen Simmons, Local Journalism Initiative Reporter

Stratford Social Services is continuing to offer financial assistance to residents of Stratford, St. Marys and Perth County, as well as prospective area residents, looking to make the jump from renting to home ownership.

The City of Stratford recently posted to its Facebook page about the social services department’s affordable homeownership loan program, a provincially funded initiative first launched in 2007 that offers loans of up to five per cent of the purchase price of a home to those with low-to-moderate income who are currently renting and meet the program’s eligibility requirements.

“There’s been different pots of provincial money over the years, and then what happens is when the loans get paid back, it goes into a revolving fund that goes back out (in the form of loans),” said Stratford Social Services business integration manager Shannon Archer. “Right now, we’re just in the revolving fund; there hasn’t been any new funding in several years – probably 2017 was the last time we allocated provincial funding to homeownership.

“The idea behind the program is to recognize the fact there are people in the rental market where their only barrier to homeownership is that downpayment. So, the idea is to provide them with a downpayment assistance loan in order to free up the rental market for those who truly can’t afford homeownership.”

Those loans, Archer explained, are either forgiven after 20 years if the owners remain residents of either Stratford, St. Marys or Perth County and retain that home as their sole and primary residence, or they are paid back when the home is either sold or transitioned into a rental property at five per cent of the value or sale price of the home.

One recent change to the program is the option for out-of-area renters to apply to the program with proof they have employment or an offer of employment in Stratford, St. Marys or Perth County. The program now also offers downpayment assistance loans on new builds – another recent change.

“(The program) has not been used a lot in the last several years, and I think that is more a sign of what’s going on with the market and the craziness through the pandemic, but since 2007, we have extended out 90 loans totalling just over $1.1 million,” Archer said. “We have seen 41 of those repaid to us over the years, so that brought about $650,000 back into the pot and some of that money has been re-extended out.

“Right now, we do have a healthy chunk of money sitting there. We did three loans in 2025 and then we did two from 2020-2025 – there was a gap there when it wasn’t really well used … when homeownership wasn’t affordable for anybody. And back in the early inception, it was so popular we would run out of money.”

As a result of the soaring housing prices during the COVID-19 pandemic, Archer said there were a number of program participants who chose to sell their homes, which led to an influx of repaid loans and money being funnelled back into the program. Now, she said the social services department is once again promoting the program not only to free up rental housing and encourage those who work in the area to also live here, but because there is funding available now.

For more information and to review program eligibility requirements, visit www.stratford.ca/en/inside-city-hall/housing.aspx, scroll down and click the “Affordable Homeownership” option.