Models of high-rise buildings on table

Affordability Calculator

Try our Affordability Calculator to see how the Options Ready Program can increase your down payment and make purchasing an Options condo more affordable.

Here's what you need to know

  • You need 5% down payment

    Once you have 5% of your own money saved up (plus 10% on any amount over $500,000), we’ll help you access an additional 10% to 15% to increase your down payment.

  • You must qualify for a mortgage

    The Options Ready Program is available to all our purchasers. You just need to be able to secure a mortgage pre-approval from a tier 1 Canadian bank or credit union before you start.

  • You intend to live in your condo

    The Options Ready Program helps those who want to live in an Options condo. You must plan to live in your home to qualify for the program. No investors, please!

*Results are estimates and intended for illustrative and general information purposes only. They do not constitute an offer, nor should they be relied upon as financial or other advice. Actual numbers based on individual financial situations and approvals by partnering financial institutions. Prices and suites shown are based on current inventory at The Humber and are subject to change. Future developments will have a wider range of prices available.

Step 1 of 3

Household income refers to the combined gross (or before tax) income of all adult members of a household. Entering your household income will help us determine if we have any suites at The Humber that are suitable for you.

Frequently Asked Questions

  • Options for Homes is Canada’s largest developer of affordable ownership housing. As a non-profit social enterprise our sole mission is to make homeownership more accessible for middle income households. We do that through the Options Ready Program, which is designed to help people become confident home buyers, provide financial literacy, and access to a shared equity down payment that helps make ownership more affordable. We have been in operation since 1994 and we’ve won nine industry awards. Our 15th condo is currently under development.

  • The Options Ready Program is designed to help people become confident home buyers, provide financial literacy and access to a shared equity down payment support that helps make homeownership more affordable.

    Down payment support is made possible through a shared equity mortgage, where purchasers are lent a percentage of their purchase price. This loan is registered as a second mortgage and is available to anyone able to qualify for a first mortgage from a tier 1 Canadian bank or financial institution.

    There are no required scheduled payments on the shared equity mortgage; repayment is made when you decide to sell your suite and move out. Repayment is based on our shared appreciation model. This means that if the value of your suite has increased by 15% at the time you sell, then the value of the shared equity mortgage also increases by 15%.

  • The down payment support available through the Options Ready Program is accessible to anyone looking to purchase a condominium with Options. The only requirements for down payment support are that you can qualify for a mortgage from a primary lender (a tier 1 Canadian bank or credit union), that you make a down payment of at least 5% at the time you sign the purchase agreement, and that you intend to live in the Options home.

  • On home with a purchase price of $500,000 or less, you only need 5% down payment. For homes over $500,000, you need 5% on the first $500,000 and 10% on the remaining amount.

  • Home Ownership Alternatives (HOA) is our funding partner and administers the shared equity down payment fund. As a licenced mortgage broker, HOA issues the shared equity second mortgages available through the Options Ready Program.

    (HOA Mortgage Brokerage Licence #12009)

  • Options for Homes does not issue mortgages. Our purchasers obtain their first mortgage from a bank or credit union, and the shared equity down payment available through the Options Ready Program is issued by our funding partner Home Ownership Alternatives (HOA).

    (HOA Mortgage Brokerage Licence #12009)

  • Visit our Resource Centre for articles on how to get homebuying ready.

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