Options for Homes
Options for Homes is non-profit real estate developer that strives to spread wealth across society by giving more people a chance to experience the benefits of home ownership. They do this by building affordable housing as well as with their progressive boost downpayment system. They also go above and beyond in achieving their goals by presenting free seminars on taking the proper steps toward buying condos.
They began their efforts 25 years ago when they successfully competed affordable developments in Toronto’s Distillery District. Since then, they’ve successfully helped people move into over 3,100 homes throughout the GTA.
The cornerstone of this developer’s objectives is being able to help people achieve their homeownership dreams by implementing cost saving measures, as well as offering down payment support through their down payment “pay it forward” system.
The pay it forward systems is an internationally recognized and award-winning model that is completely user generated. It is entirely supported by the repaid loans of the homeowners, and there’s no government assistance. They help with the down payment by subsidizing between 10-15% of the purchasing amount. Prospective homeowners just need to make sure that they’re able to contribute 5% of the total Purchase Price. The homeowner will only need to pay back that amount when they sell their unit, but they can also choose to pay the amount back before that if they wish.
Instead of interest, homeowners just need to pay back the percentage of the current value of the property. For example, if you borrowed 15% to buy a $300,000 condo, but the condo’s value when you sell is $400,000, then you’ll need to repay the 15% of the $400,000. This simple method has not only made it possible for more people to buy homes, but it also ensures that the developer can increase value of the properties in which they build.
They are able to offer this service through their partnership with another non-profit called Home Ownership Alternatives, but they have other important partnerships too. They have also partnered with financial institutions like the Bank of Montreal, TD Bank, and Meridian Credit Union. They also get support from Tridel’s third party construction arm called Deltera.
Even with this type of support, buying new condos can be pretty daunting, so that’s why they also host a free educational seminar. Condos 101 walks you through the basics of buying a home like picking a mortgage that works for you, how you’re protected by Tarion, and much more.
In addition to their goals of distributing wealth and homeownership throughout a larger percentage of the population, they also want to build developments that are environmentally sustainable.
They implement green features like solar hot water heating, heat recovery ventilation systems in the corridors, timed lights in the underground parking, and a car sharing system that automatically comes with your unit. These green features are also cost cutting measure capable of saving you between 30-40% on your energy bill.
This developer’s good intentions have taken the industry by storm, and they have become an award winning builder in the process. Their awards include the City Builder Award from Canadian Urban Institute in 2015, Ontario Masonry Design Award for Architectural Design: Residential High Rise for The Village by High Park in 2014, Canadian Condominium Institute Condo of the Year for Liberty at Discovery Place in Pickering in 2013, and much more.
This is not your typical condo developer. They build with the admirable mission of dispersing home ownership to those who may otherwise not be able to afford becoming homeowners. They do this in a sustainable and responsible way that doesn’t require government support, and they are transforming the city in the process.
This condo high-rise is located in The Junction neighbourhood, and it stands at 16 storeys and have 327 units. It is located in a central part of the neighbourhood with TTC bus routes immediately serving the building. There are also ample dining and shopping choices nearby, so nothing is out of reach. It is also a 15 minute walk away from both High Park and Keele Station, so you can take a leisurely stroll in the iconic park, or easily travel across the entire city. This development is located at 60 Heintzman Street, and it was completed in 2011.
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