Options for Homes is a not-for-profit developer that is on a mission to make homeownership more affordable in Toronto. With more than 25 years of experience, Options develops high-quality condos and then takes what would normally be a developer’s profit to help moderate-income Canadians realize their dreams of homeownership.
So, how does it work? Prospective buyers put five percent down and Options provides a unique ‘Down Payment Boost’ — giving ten to 15 percent of the home’s purchase price as a shared-equity loan. This helps homebuyers secure a larger down payment and also reduces monthly mortgage costs. The homeowners pay it back upon selling the house, with appreciation.
To make the deal even sweeter, Options for Homes has just been awarded $5.4 million from the City of Toronto through the Home Ownership Assistance Program. With this support, eligible buyers can now qualify for a downpayment boost of up to 24 percent at Options’ newest development, The Humber.
The project is nestled on the banks of the Humber River in Weston Village, one of Toronto’s up-and-coming neighborhoods. It’s conveniently located a mere three-minute walk from the Weston UP Express stop, with Union Station a 15-minute zip away. The Humber is currently in preconstruction with 232 units in one-, two- and three-bedroom floorplans ranging from 617 to 1,021 square feet. Sales for available units range in price from $390,500 to over $658,000. The Humber will keep monthly condominium maintenance fees to a minimum by forgoing costly amenities like pools while investing in beautiful common spaces and environmental features such as solar panels.
To qualify for the Home Ownership Assistance Program, you have to be currently renting and fall within the following income brackets:
- Household income up to $82,286 for a single person (bachelor or one-bedroom suite)
- Household income up to $103,635 for a couple (up to a two-bedroom suite)
- Household income up to $127,841 for a family (up to a three-bedroom unit)
Prospective homebuyers in Toronto are used to compromising — packing their bags and purchasing homes in the suburbs where housing affordability is more manageable. Some can’t leave the bustling city behind — so they continue to rent, delaying any dreams of homeownership altogether. With Options for Homes, prospective homebuyers don’t have to choose between the two. In addition to The Humber, in the last year Options helped 800 people move into new homes, and has more than 2,200 units in the development pipeline.
To book an appointment to speak directly with a sales representative, please call 416 867 1501 ex. 221 or email Danielle at firstname.lastname@example.org. The sales centre is located at 1984 Weston Road and is open on Wednesdays and Thursdays from 4pm to 7pm and weekends from 12m to 4pm.