Here are some commonly asked questions about Options for Homes.
We’re a non-profit condo developer helping people become homeowners through down payment support and the lowest prices for condos in the GTA. We have over 24 years of experience, and we’ve won nine industry awards. Our 13th development is currently under construction.
We are not social housing. We are developers of high-quality condos and townhomes with a social purpose. We believe that everyone who can afford the carrying costs of a mortgage should be given the opportunity to own a home sooner rather than later. The security of homeownership and the financial returns often associated with it are a social benefit and we’re proud of the way our developments have transformed lives and communities all over the city of Toronto.
Anyone. You just need a 5% down payment and the ability to secure a mortgage with a primary lender by closing.
We strongly discourage investors as our mission is to help people who need a home to live in themselves. In all future developments you will need to sign an affidavit stating that you (or someone else on title) will occupy the unit and, by closing, you will need to show proof that you have sold any residential property you were living in as a primary residence.
We are not motivated by profit but rather a mission-based goal to help more people become homeowners. We take what would normally be a developer’s profit and offer it to purchasers as a part of the down payment boost. We call this the Options Down Payment Loan.
We reduce traditional developer costs, such as marketing expenses, and pricey showrooms and model suites that can normally add up to $15,000 per unit. We build high-quality developments without frills, like pools and gyms, thus lowering condo maintenance fees and carrying costs.
The Options Down Payment Loan is available to anyone, regardless of income or whether they have previously owned a home. The only requirement is that you qualify for a mortgage from a primary lender (bank, credit union), and that you make a down payment of at least 5% at the time you sign the Purchase Agreement.
You can choose to take a loan worth 10% to 15% of the purchase price of the home. When you sell or rent your home (or anytime before that if you choose), you repay 10% to 15% of the current market value of your home. This is why it's called a shared appreciation loan. It is repayable with an "interest" rate equivalent to the change in value of your home or 8% compounding, whichever is lowest. The repaid loans go into a “pay-it-forward” fund, which is used to provide a down payment boost for the next family. The Options Down Payment Loan is a second mortgage issued through our funding partner, Home Ownership Alternatives (HOA).
At the time you sign your Purchase Agreement.
At closing. However you may need to provide proof of a mortgage commitment by a financial institution sooner.
Yes. The more money you put down, the better it is for you, as it will lower your mortgage payment amount. We will still give you an Options Down Payment Loan of up to 10% to 15% on top of your down payment. Our contribution amount is not tied to the amount of your down payment. It’s tied to the value of the home.
After we sell a home, it is resold like any other home on the market. To purchase a home at a past Options development, you must purchase it directly from the owner, and unfortunately there is no down payment boost.
We are continuing to work on this project and our commitment has not changed because we know that there is a tremendous need for affordable housing in downtown Toronto. Unfortunately with the passing of this Ward’s city councillor and the municipal election several months away things are moving slowly on new developments in this area but we will share any updates as soon as we have them.
We’ll provide updates as we make progress on these developments.
When you become a Priority Access member and pay your $150 membership fee, you are guaranteed to receive an invitation to preview and purchase at future Options developments before we launch them to the general public.
If a development you are interested in has already launched and we still have suites available for sale, your membership will allow you to meet with a Purchase Consultant and purchase one of our remaining suites, or put a suite on hold for 3 days.
Your $150 membership fee is returned to you when you purchase your home. Should you decide you no longer want Priority Access, your deposit is transferable to anyone you choose.
All of our current developments are now waiting list only. If you chose a current development, we’ll add you to the waiting list and will call you if and when a suite becomes available. If you choose a future development, we’ll email you as soon as a new development launches. We encourage you to attend a Condos 101 session to be prepared and get the most out of your meeting with an Options Purchase Consultant.
No. Your $150 deposit is what grants you Priority Access. It's good forever, until we place you in your home at any future development.
Yes, we pay a flat fee. While we greatly appreciate the efforts of your real estate agent, our unique non-profit model does not support commission-based compensation. The prices of our suites are non-negotiable and all purchase agreements are standard. We also have a client support team that follows up with purchasers during the 10-day cooling-off period and provides ongoing support through closing.
Options doesn’t issue mortgage loans. We offer you the opportunity to take a down payment loan, through our partnership with Home Ownership alternatives (HOA) to help you qualify for a first mortgage with a lender, and borrow less. The lenders who recognize our Down Payment Loan are BMO and Meridian. If you’re not taking any down payment boost, you can secure your mortgage from a lender of your choice.
Options for Homes is not a mortgage lender, therefore, we don’t evaluate your credit or income. You must consult a mortgage lender or credit counsellor to know exactly where you stand and how you can improve your score. We recommend Meridian or BMO for mortgages and Credit Canada for credit counselling.
This isn’t something Options can determine. We recommend contacting our partners Credit Canada for the answer.
We currently have a small but mighty staff of 15 people.
We may build townhomes in the future, but right now, all of our current developments are condominium apartments.
Deltera, part of the Tridel Group of Companies. As a result, we offer exceptional customer service and excellent selection of standard suite finishes and upgrades.
Your invitation and map will arrive by mail a few days before the session.
Yes! You’re more than welcome to bring a friend or family member with you.
Begin your homeownership process at a current Options condo by becoming a Priority Access Member. Your $150 membership gives you access to personalized meetings with an Options Purchase Consultant, the condo documents to review, and the opportunity to have all of your questions answered before you purchase, and allows you to put a suite on hold for up to 3 days. Your membership fee is returned to you when you close on an Options home. If you decide now isn’t the right time to buy, your membership never expires and gives you first access to new, upcoming Options condos or can be transferred to a friend or family member.
Yes. Each venue we choose is fully accessible for a variety of mobility needs and we host sessions with sign language interpreters regularly. If you may require assistance and want to ensure you’ll get the most out of Condos 101, please contact us and we can work together to make your experience the best possible.
Priority Access gets you:
During your appointment with an Options Purchase Consultant, you will learn about the Options homeownership model and how the down payment boost works, review floor 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.
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 Info Sessions for 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). If for any reason you decide not to purchase with Options you may transfer your membership to a friend or family member. However, your Priority Access membership is non-refundable.
You will receive quarterly email newsletters about all new Options condo developments, as well as access to review floor plans, prices, and even put a suite on hold for up to 3 days before we launch the development to the general public.
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 will have the chance to review prices and floor plans. To register for the next Condos 101, click here.
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.
You can choose to take a loan worth 10% to 15% of the purchase price of the home. When you sell or rent 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. It is repayable with an "interest" rate equivalent to the change in value of your home or 8% compounding, whichever is lowest. The repaid loans go into a “pay-it-forward” fund, which is used to provide a down payment boost for the next family. The Options Down Payment Loan is a second mortgage issued through our funding partner, Home Ownership Alternatives (HOA).
No. We only offer the Down Payment Loan for Options for Homes developments.