A homebuilder in London, Ont., is offering to pay property taxes and utility costs for one year in a bid to entice hesitant homebuyers amid a province-wide housing market stall.
Foxwood Homes has launched a new incentive program, StartSmart, offering up to $12,500 to cover costs such as property taxes, electricity, water, natural gas and hot water heater rental.
According to the homebuilders’ website, the offer is available to anyone who purchases a Foxwood home in London before Sept. 15, not just first-time buyers.
The move comes as homebuilders across Ontario struggle with slow sales, rising costs and a hesitant buyer base in a housing market that Ontario’s own housing minister admits has “come to a standstill.”
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According to the company, the credits are applied directly to utility accounts within 30 days of move-in, provided buyers submit account information within 15 days of closing.
Foxwood describes StartSmart as a way to reduce “financial strain in year one,” noting that many homeowners face overwhelming expenses at closing, including moving costs, furnishings, and unexpected repairs.
In a market where people are less likely to take the home-buying leap, the program is positioned as a way to improve buyer confidence, reduce stress and help owners build financial stability during their first year in a new home.
“Potential new home buyers have hit the pause button,” said Ontario Housing Minister Rob Flack Monday.
While Flack didn’t name specific causes for the slowdown, his comments followed a report by RBC calling Ontario “the root of the housing crisis” in Canada.
Though the City of London received $12 million from the province’s Building Faster Fund to help expedite development approvals, the construction downturn is now prompting the provincial government to consider changing how that funding is awarded.
With affordability remaining a major barrier and consumer confidence shaken, developers like Foxwood are turning to incentive programs like StartSmart to attract hesitant buyers and keep projects moving.
— with files from Colin D’Mello
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Ontario homebuilder offering to pay property taxes, utilities as buyer market stalls
