Frequently Asked Questions
WHAT IS OPTIONS FOR HOMES?
We’re a non-profit condo developer. We have 23 years of experience, and we’ve won 9 industry awards. Our 13th development is currently under construction.
WHO CAN BUY WITH OPTIONS?
CAN I BUY AS AN INVESTOR WITH THE INTENTION OF RENTING OUT MY UNIT?
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.
HOW ARE YOU DIFFERENT FROM OTHER CONDO DEVELOPERS?
We’re a non-profit. We don’t do this for the money, we do it because we want to empower more people to become home owners. We take what would normally be a developer’s profit and offer it to purchasers as a down payment boost. We call this the Options Down Payment Loan.
WHY CAN OPTIONS OFFER BETTER PRICES THAN OTHER DEVELOPERS?
We remove all profit margin that traditional for-profit developers add to a home sale.
We reduce developer costs, such as marketing expenses 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.
WHO CAN GET THE OPTIONS DOWN PAYMENT LOAN?
The Options Down Payment Loan is available to anyone that wants it, regardless of income or whether they have previously owned a home. The only requirements are that you qualify for a mortgage, and that you make a down payment of at least 5% at the time you sign the Purchase Agreement.
HOW DOES THE OPTIONS DOWN PAYMENT LOAN WORK?
Options gives you a loan worth 10%-15% of the purchase price of the home. When you sell your home, rent your home, or anytime before that if you choose, you repay 10%-15% of current market value of your home. It’s called a shared appreciation. 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).
WHEN DO I MAKE MY 5% DOWN PAYMENT?
At the time you sign your Purchase Agreement.
CAN I PUT DOWN MORE THAN 5%?
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 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.
DOES OPTIONS BUILD HOMES IN OTHER CITIES?
Yes, we do! Options has built developments across the GTA. Our latest condominium is in Milton, ON, and we have developments in surrounding areas in our pipeline. Sign up for our newsletter by clicking here to recieve updates as new condos launch!
HOW CAN I PURCHASE A UNIT AT ONE OF YOUR PAST DEVELOPMENTS?
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.
WHEN DOES THE CARLTON STREET CONDOS LAUNCH AND WHY IS IT TAKING SO LONG?
We know you’re as excited about Carlton as we are. Please be assured we are working diligently on this project. We are trying to secure the highest possible density, and working with the City and heritage groups to get all the necessary approvals before launch. As with all developments in the pre-construction phase, it takes time and negotiation - a lot of back-and-forth to be honest. We hope to announce a launch date by the end of 2017.
I PAID FOR PRIORITY ACCESS, CAN I MAKE AN APPOINTMENT TO MEET WITH A PURCHASE CONSULTANT (PC) RIGHT AWAY?
If you chose a current development, we’ll set up an appointment with you and a PC within 3 business days. If you chose 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 a Purchase Consultant.
I ALREADY PAID THE $100 DEPOSIT. DO I NEED TO PAY AGAIN FOR PRIORITY ACCESS?
No. Your $100 deposit is what grants you Priority Access.
DO YOU COOPERATE WITH REAL ESTATE AGENTS?
Yes. We don’t pay a commission, we pay a flat fee.
CAN YOU GET ME A MORTGAGE?
Options doesn’t issue your main mortgage. We give you the Options Down Payment Loan to help you qualify for a first mortgage with a lender, and borrow less. The lenders who recognize our contribution are TD, BMO and Meridian. If you’re not taking the Options Down Payment Loan, you can secure your mortgage from a lender of your choice.
CAN I STILL APPLY EVEN THOUGH MY CREDIT SCORE IS NOT VERY GOOD?
Options for Homes is not a mortgage lender, therefore, we don’t judge 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 Credit Canada or Meridian.
DO YOU THINK I WOULD QUALIFY FOR A MORTGAGE EVEN THOUGH I HAVE NOT BEEN DISCHARGED FROM BANKRUPTCY?
HOW MANY PEOPLE WORK AT OPTIONS?
We currently have a small but mighty staff of 15 people.
DO YOU PROVIDE THE SECOND MORTGAGE FOR OTHER DEVELOPMENTS BESIDES YOUR OWN?
DOES OPTIONS HAVE ANY DETACHED HOUSES OR TOWNHOUSES COMING IN THE FUTURE?
We may build townhomes in the future, but right now, all of our current developments are condominium apartments.
WHO IS YOUR BUILDER?
Deltera, the construction arm of TRIDEL.
WHERE CAN I GET PRICES AND FLOOR PLANS?
Prices and floor plans are available in the “Now Selling” section of this website. You can also get them by attending our free Condos 101 information sessions, held bi-weekly. Register to attend here: http://www.optionsforhomes.ca/condos101/
I REGISTERED FOR CONDOS 101 AND I’VE ASKED TO RECEIVE MY INVITATION AND MAP BY MAIL. WHEN CAN I EXPECT THEM TO ARRIVE?
Your invitation and map will arrive by mail a few days before the session.
I REGISTERED FOR CONDOS 101. CAN I BRING A GUEST TO HELP ME DECIDE?
HOW IS SQUARE FOOTAGE MEASURED?
We follow the TARION guidelines for measurement. For high-rise units, the floor area is the total area bounded by the centre lines of demising or party walls separating one unit from another, the exterior surface of all exterior walls and the exterior surface of the corridor wall enclosing and neighbouring the unit.
IS TITLE INSURANCE MANDATORY WHEN CLOSING ON A CONDO IN ONTARIO?
If you pay for your home in full without a lender it’s up to you whether you want title insurance. TitlePLUS is one of the many companies that provides title insurance.
If the purchase of your home is funded by a lender, then the lender would require that you take title insurance.