Really. There are few restrictions and no catch. All you need to do is to qualify for a mortgage, provide 5% down payment, and then live in your home once it’s built. In return, we offer a high-quality condo with the lowest possible maintenance fees and a Down Payment Loan of 10-15%.
It all adds up to the most powerful homeownership program in Canada today - helping you realize your dream of owning a home about 10 years sooner!
Options is a social enterprise with a mission to help as many people as possible achieve their dream of homeownership. We operate as a non-profit, developing the lowest-priced condominiums in the GTA by passing along cost-savings and offering down payment support.
We build very high quality condos using Deltera, part of the Tridel Group of Companies. BMO, Meridian and CMHC support our clients by assisting to secure mortgages and recognizing our Down Payment Loan as equity so that a conventional mortgage can be obtained with only 5% down from our clients.
Options makes homeownership more affordable. We invest in the things that matter to most homeowners. That means no expensive frills or costly amenities like pools and gyms, no flashy model suites, and no hefty sales commissions. Every cent we spend goes into ensuring you get the highest-quality condo and the down payment support you need to help you buy it.
You - Your Family - Your Partner - Your Pets
Your 5% down payment
Options down payment loan of 15% of the purchase price
Bank mortgage $240,000
Monthly mortgage payment $1,262
Original purchase price of $300,000
Increase in value $82,500
Resale value $382,500
Repay bank mortgage $208,929
Repay Options Loan; 15% of sale price ($57,375*)
after real estate fees
*Estimated for a 590 sq.ft 1-bedroom plus den: Mortgage (3.44%) + Maintenance Fees ($0.44/sq.ft) + Taxes (0.75%) = $1,700. Average 1-bedroom plus den rent in Toronto’s west end according to Toronto Real Estate Board = $1,800. You will be evaluated by your lender at a mortgage interest rate of 4.84% as per the new stress test requirements. ** You repay 15% of the sale price or 8% per year, whichever is lower.
We give a hand-up, not a hand-out.
Our award-winning model offers you a Down Payment Loan that is interest-free and payment-free until you sell or move. All you need is 5% towards your down payment. We then boost it by 10-15%. Combined, this makes your monthly carrying costs lower because it reduces your mortgage from the bank and helps you secure a conventional mortgage. When you move, Options gets paid back with a portion of the appreciation equivalent to the outstanding balance of your loan.
First time buyers are often able to get extra help. You may be eligible for an additional $25,000 to further boost your down payment. Ask us how!
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.
The Village by Main Station is currently under construction by Deltera, part of the Tridel Group of Companies, at 8 Trent Avenue. ust east of Danforth Avenue and Main Street and a 5-minute walk from Main Street subway station, this condo is ideally situated amidst a varied shops and restaurants that line Danforth Ave making it a dynamic place to live. The neighbourhood is also home to a number of public recreation spaces, schools, and places of worship. Occupancy will begin Fall 2018.Find out more
This community is located at 35 Saranac Blvd, at Bathurst Street, two stoplights north of Lawrence Avenue West in the heart of one of Toronto’s oldest neighbourhoods. Built by Deltera, part of the Tridel Group of Companies, Cranbrooke Village suites range in size from bachelor to 3-bedroom. Bathurst and Lawrence is well served by public transit and is home to a large variety of shops and restaurants including the Lawrence Plaza with a Metro grocery, Winners, and banking facilities just a 2-minute walk away.Find out more
Located in the heart of Toronto’s Junction neighbourhood at 60-61 Heintzman Street, Heintzman Place is served by TTC bus routes, is in the midst of various shops and restaurants, and is a 15-minute walk from High Park and Keele Subway Station. Built by Deltera, part of the Tridel Group of Companies, this is Options’ largest development with 643 suites in two towers. Suites range from 400 sq. ft. bachelors to 1185 sq. ft. 3-bedrooms.Find out more
An ideal location, Old Kennedy is at 90 Old Kennedy Road, within blocks of the Milliken GO Station, the Pacific Mall, grocery stores, banks, restaurants, schools, parks, and more. It was built by Deltera, part of the Tridel Group of Companies and consists of 140 stacked townhouses ranging in size from 685 sq.ft. to 1110 sq.ft.Find out more
The Village at Guildwood's 36 townhouses and 9-storey apartment building were completed by Deltera, part of the Tridel Group of Companies, in 2006 at 3650 Kingston Road at the corner of Eglinton Avenue East and Kingston Road on the edge of the Guildwood area. Suites range in size from 435 sq. ft. up to 1,180 sq. ft. Lockers and parking are also available to residents.Find out more
The final phase of TRIDEL's Discovery Place, this community is located at 1200 The Esplanade North next to the Pickering Town Centre and minutes from the 401. Completed in September 2006, this 11 storey tower with 219 suites offers a full range of amenities.Find out more
This condominium offered both apartments (380) and townhomes (51), close to all necessary shopping amenities and within minutes of the University subway line – only 15 minutes by subway to Toronto's city centre! Located at 650 Lawrence Avenue West. Another quality building constructed by Deltera, a part of the Tridel Group of Companies.Find out more
One of Options' first developments is located in Toronto's Historic Distillery District. The three-phased development made up of the Mill Street, St. Lawrence, and Parliament Square condominiums was completed in 2001 with construction by Deltera, a part of the Tridel Group of Companies.Find out more
Ask us about the waiting list for this development! Contact us for details and to get on the list.
Located on Main Street between Thompson Road North and James Snow Parkway, Jasper Condos is a new 116-suite condo community under construction next door to the Milton GO station and five minutes from the shops and restaurants that line Main Street. Jasper Condos will be built by VanMar and prices start at $410,780, plus we'll boost your down payment by 10%. Occupancy will begin in 2019.Find out more
View suites available for this development today! Contact us for details.
IMMEDIATE OCCUPANCY. Danforth Village Estates is located on Danforth Road just north of Eglinton Avenue East. This condo overlooks a large, lush park that features walking trails, basketball courts, and an outdoor swimming pool. Built by Deltera, Tridel's construction arm, prices start at $244,000, plus we'll boost your down payment by 13%.Find out more
The Humber will be located just south of Weston Road and Lawrence Avenue West, a 5-minute walk from the Weston GO and UP Express station. Right on the banks of the Humber River, this condominium, to be built by Deltera, part of the Tridel Group of Companies, is expected to launch spring 2018. Sign up for our newsletter to find out more about this development.Find out more
Options is always working on finding new development opportunities to meet the growing demand for affordable home ownership. Presently we are in various stages of pre-development on several sites including downtown Toronto, Cambridge, and Scarborough. Sign up for our newsletter to keep up to date on all our developments.Find out more
Priority Access puts you among the first in line to reserve a suite at upcoming Options developments! With your $150 Suite Reservation Deposit, you can also reserve the best available suite at condos that are now selling. The Suite Reservation Deposit is returned to you once you close on your home.
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.
Come find out everything you need to know about buying a new construction condo at Condos 101. These free, one-hour sessions walk you through each step of the purchase process, from how to qualify for a mortgage and how you’re protected by organizations like Tarion, to understanding interim occupancy and how long you’ll wait before you get your keys!
Condos 101 sessions are not sales events. Instead, we focus on providing you with the information you’ll need to make the best condo purchasing decision for you – whether with Options or elsewhere.
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.
Options for Homes (Options) has been delivering affordable homeownership housing for over 24 years, and now we've been recognized as an Affordable Housing Champion by the City of Toronto. We couldn't be prouder!Read More
So you want to buy a home in a big metropolis city like Toronto, but housing prices are through the roof. What options do you have? You could buy a place with a friend or family member. You could wait it out. You could buy a home outside of the city, far away from your work and social circles. Or, you could buy a less expensive home, within the city, in an up-and-coming neighbourhood.Read More
Canadians across the country are closely watching the countdown to the legalization of cannabis this summer, with many businesses clamouring to join the multi-billion dollar pot industry. A Toronto housing developer, however, is bucking the trend by selling the GTA's first "smokeless" condominium.Read More
Smoking at the Humber to be restricted to e-cigarettes. Once it's built, Options for Homes' residential development "the Humber" will be the first of its kind in the Greater Toronto Area.Read More
We’re here to help you become a homeowner 10 years sooner.
468 Queen Street East
Suite 301 P.O. Box 28
Toronto, ON, M5A 1T7
Tel: 416-867-1501 x 225