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.