This article was co-written and submitted by Tim Hudak , CEO of the Ontario Real Estate Association (OREA), Canada’s largest provincial real estate association and Dr Mohamad Sawwaf, CEO of Manzil Inc., Canada’s premier Islamic banking institution.It’s no secret that Ontario is facing a housing supp...
For too many of Ontario’s nearly one million Muslim residents, the dream of homeownership is unachievable as Canada remains the only G7 country that doesn’t have the necessary financial and regulatory frameworks to enable halal mortgages.This article was co-written and submitted by Tim Hudak , CEO of the Ontario Real Estate Association , Canada’s largest provincial real estate association and Dr Mohamad Sawwaf, CEO of Manzil Inc., Canada’s premier Islamic banking institution.
Although halal mortgages avoid ‘interest’, they are not free of charge – families would pay similar to what their neighbours do with a conventional, interest-bearing mortgage. In fact, the structure of a halal mortgage – currently only offered by some private lenders – typically closely resembles rent-to-own or shared equity agreements. There are two ways halal mortgages are currently being facilitated by private lenders.
Ontario needs fairness in its legislation for those pursuing alternative finance models, including models structured similarly to rent-to-own agreements. When purchasing their first home, Muslims using halal mortgages can't access the same tax credits as their neighbours who are using traditional mortgages – including tax rebates on new construction and land transfer tax exemptions. They may even be "double taxed" as a result of how their mortgage is structured.
Plans to bring luxury townhomes to the heart of St. Clair West have forcibly come to a stand-still thanks to power of sale listing that went live last week.Toronto Metropolitan University is taking what it calls a “revolutionary” approach to architecture, announcing a new, forward-thinking PhD program at its Department of Architectural Science.As of Friday, Toronto has backtracked on approximately 61,000 vacant home tax bills, and the city says it’s too soon to say exactly what went wrong.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ottawa threatens to cancel $350M in housing money from Ontario over lack of affordable unitsExplore stories from Atlantic Canada.
Read more »
Feds threaten to withhold Ontario funding due to lack of affordable housingThe Justin Trudeau government is threatening to withhold Ontario funding earmarked for affordable housing, claiming that “almost no progress” has been made by the province.
Read more »
Ontario’s finance minister responds to Whitby’s disappointment on lack of hospital funding in budgetThe province unveiled its 2024 budget on Tuesday and the Mayor of Whitby made a statement after it didn't include any funding for a new local hospital. On We
Read more »
EQT CEO Warns Lack of Gas Storage Will Trigger Price GyrationsThe chief of the largest US producer of natural gas has warned that a lack of pipelines and storage facilities will trigger dramatic price swings in the years ahead, causing them to surge as much 350%.
Read more »
Motorcycle driver dead after collision in Rideau Lakes Township: OPPOntario Provincial Police say a motorcycle driver has died after a crash in eastern Ontario.
Read more »
Ontario Premier Calls for Exclusively Ontario Students in Post-Secondary InstitutionsPremier Doug Ford wants to eliminate the presence of international students in Ontario's post-secondary institutions and prioritize Ontario students. He aims for 100% of Ontario students to attend these universities.
Read more »