Here are some commonly asked questions about Options for Homes.
We’re a non-profit condo developer helping people become homeowners through down payment support and the lowest prices for condos in the GTA. We have 25 years of experience, and we’ve won nine industry awards. Our 15th development is currently under construction.
We are not social housing. We are developers of high-quality condos and townhomes with a social purpose. We believe that everyone who can afford the carrying costs of a mortgage should be given the opportunity to own a home sooner rather than later. The security of home ownership and the financial returns often associated with it are a social benefit and we’re proud of the way our developments have transformed lives and communities all over the city of Toronto.
Anyone. You just need a 5% down payment and the ability to secure a mortgage with a primary lender by closing.
Your first step is to call or email us! We will provide you with suite plans and prices, connect you with our banking partners to get pre-approved for a mortgage and help you set up a meeting with an Options Purchase Consultant.
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.
We are not motivated by profit but rather a mission-based goal to help more people become homeowners. We take what would normally be a developer’s profit and offer it to purchasers as a down payment loan. We call this the Options Down Payment Loan.
We reduce traditional developer costs by spending our money wisely. We forgo marketing expenses such pricey model suites, which can normally add up to $15,000 per unit, in favour of more modest, community-based presentation centres. We also focus on building high-quality developments with well-appointed suites and common spaces, but we don't include costly amenities such as pools and gyms, thus lowering condo maintenance fees and carrying costs.
The Options Down Payment Loan is available to anyone, regardless of income or whether they have previously owned a home. The only requirement is that you qualify for a mortgage from a primary lender (bank, credit union), and that you make a down payment of at least 5% at the time you sign the Purchase Agreement.
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 the current market value of your home. This is why it's called a shared appreciation loan. The repaid loans go into a “pay-it-forward” fund, which is used to provide seed funding for communities that make homeownership possible for even more families and individuals. The Options Down Payment Loan is a second mortgage issued through our funding partner, Home Ownership Alternatives (HOA).
At the time you sign your Purchase Agreement.
At closing. However, you'll have to provide a mortgage pre-approval by a financial institution before you meet with an Options Purchase Consultant.
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 10% 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.
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, and unfortunately there is no down payment boost.
When you become a Priority Access member ($150) you are guaranteed to receive an invitation to purchase at future Options developments before we launch to the general public. This gives you maximum choice and the opportunity to save money by making selections that best fit your budget before those suites are sold. Your Priority Access status also allows you to begin earning a $500 referral even before you become a purchasers with Options. And even if you never end up purchasing your deposit is transferable to anyone you choose.
We're looking forward to inviting to you preview new condos before they launch to the public! Once you've found the condo you're interested, you'll be invited to book an appointment with a Purchase Consultant before the public launch.
No. Your $150 deposit is what grants you Priority Access. It's good forever, until we place you in your home at any future development.
Yes, we pay a flat fee. While we greatly appreciate the efforts of your real estate agent, our unique non-profit model does not support commission-based compensation. The prices of our suites are non-negotiable and all purchase agreements are standard. We also have a Client Success team that follows up with purchasers during the 10-day cooling-off period and provides on-going support through closing.
Options doesn’t issue mortgage loans. We offer you the opportunity to take a down payment loan, through our partnership with Home Ownership Alternatives (HOA) to help you qualify for a first mortgage with a lender, and borrow less. The lenders who recognize our Down Payment Loan are BMO and Meridian. If you’re not taking any down payment loan, you can secure your mortgage from a lender of your choice.
Options for Homes is not a mortgage lender, therefore, we don’t evaluate 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 Meridian or BMO for mortgages and Credit Canada for credit counselling.
This isn’t something Options can determine. We recommend contacting our partners Credit Canada for the answer.
We currently have a small but mighty staff of 23 people.
No. We only offer the Down Payment Loan for Options for Homes developments.
We may build townhomes in the future, but right now, all of our current developments are condominium apartments.
Deltera, part of the Tridel Group of Companies. As a result, we offer exceptional customer service and excellent selection of standard suite finishes and upgrades.
Your invitation and map will arrive by mail a few days before the session.
Yes! You’re more than welcome to bring a friend or family member with you.
Your first step is to call or email us! We will provide you with suite plans and prices, connect you with our banking partners to get pre-approved for a mortgage, and help you set up a meeting with an Options Purchase Consultant.
Yes. Each venue we choose is accessible for a variety of mobility needs and we will provide sign language interpreters when requested. Please note, the washroom at The Humber Presentation Centre is not accessible. Accessible washrooms are available at a number of community restaurants nearby. 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.
Priority Access gets you:
During your appointment with an Options Purchase Consultant, you will learn about the Options home ownership model and how the down payment loan works, review suite 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 purchase at 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).
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 what to expect from the process of buying a pre-construction condo. To register for the next Condos 101, click here.
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 no longer live in 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. The repaid loans go into a “pay-it-forward” fund, which is used to provide seed funding for communities that make home ownership possible for even more families and individuals. 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.
Is your question not answered above? Still have questions? Contact us!