The unavailability of a down payment prevents countless Canadians from entering the world of homeownership.
Those with decent jobs and a relatively healthy cash flow are stuck in a cycle of renting as a result – unless they can turn to the parents to help out with a generous chunk of change, that is.
But there’s another “option” that can turn the lost dream of homeownership in the Greater Toronto Area (GTA) into an attainable reality.
Perhaps one of the best-kept secrets in the industry, non-profit developer Options for Homes offers help on the down payment front. With 5% down, homebuyers can obtain a high-quality condo with the lowest possible maintenance fees and an additional down payment loan worth up to 25% of the purchase price at their newest pre-construction development, The Humber Condominiums.
“Our model helps with down payment support, which is a critical issue right now, because many people have solid incomes, but with all the other costs in their lives, it’s difficult to save for a down payment,” says Heather Tremain, Chief Executive Officer, Options for Homes. “We help make the down payment possible with a deferred profit in the project.”