Frequently Asked Questions

Here are some commonly asked questions about Options for Homes.

  • Priority Access FAQs
      • 1. WHAT DOES PRIORITY ACCESS GET ME?
        • Priority Access gets you:

          • Access to future Options condos before they launch - you’ll receive suite plans and prices, and be able to purchase before the general public
          • A one-on-one meeting with an Options Purchase Consultant once you’ve found the development you’re interested in
          • The ability to hold the suite of your choice following your meeting with a Purchase Consultant for up to 3 days

          During your appointment with an Options Purchase Consultant, you will learn about the Options home ownership model and how the down payment loan works, review suite plans and prices, and begin your purchase. Your Purchase Consultant will review all costs associated with purchasing an Options suite to help find the best home to fit your life.

      • 2. WHAT HAPPENS AFTER I SIGN A PURCHASE AGREEMENT?
        • Once you sign a Purchase Agreement, your 10-Day cooling-off period begins as per the Ontario Consumer Protection Act.

          If you are not able to go through with your purchase because of financial limitations, your $150 keeps working for you ensuring that you’ll be invited to purchase at future Options developments before they are released to the public.

          When you purchase a home from Options, $100 of your deposit will be returned at closing (the other $50 is kept to cover HST and financial institution processing fees). 

      • 3. CAN I PAY FOR MY PRIORITY ACCESS MEMBERSHIP OFFLINE?
        • Yes, you can. We can serve you in several ways:

          1. Call us with your credit card number at 416-867-1501 x 221.
          2. Come to our office to pay in person with cash, debit, or credit.
          3. Attend the next Condos 101 event to learn more about the process of purchasing a condo and become a Priority Access Member.

           

      • 4. I NEED MORE INFO BEFORE I'M READY. WHAT ARE MY OPTIONS?
        • We invite you to one of our free Condos 101 events. At these events you will be given a presentation on how Options works and what to expect from the process of buying a pre-construction condo. To register for the next Condos 101, click here.

  • Down Payment Loan FAQs
      • 1. WHO CAN GET THE OPTIONS DOWN PAYMENT LOAN?
        • The Options Down Payment Loan is available to anyone who wants it, regardless of income or whether they have previously owned a home. The only requirements are that you have a 5% down payment, qualify and secure a mortgage from a primary lender, and plan to live in your Options home.  

      • 2. HOW DOES THE OPTIONS DOWN PAYMENT LOAN WORK?
        • You can choose to take a loan worth 10% to 15% of the purchase price of the home. When you sell or no longer live in your home (or anytime before that if you choose), you repay 10% to 15% of current market value of your home. This is why it's called a shared appreciation loan. The repaid loans go into a “pay-it-forward” fund, which is used to provide seed funding for communities that make home ownership possible for even more families and individuals. The Options Down Payment Loan is a second mortgage issued through our funding partner, Home Ownership Alternatives (HOA).

      • 3. DO YOU PROVIDE THE DOWN PAYMENT LOAN FOR OTHER DEVELOPMENTS BESIDES YOUR OWN?
        • No. We only offer the Down Payment Loan for Options for Homes developments.

Is your question not answered above? Still have questions? Contact us!

[email protected]