In this podcast, Heather Tremain, CEO of Options for Homes, speaks with Sean Cooper of Burn Your Mortgage about shared-equity mortgages and how does they differ from a traditional mortgage.
"For me, it made the payments more manageable," she said. "Could I have afforded it [without Options]? Yes. But because of the [shared equity mortgage], it gave me the breathing room where things weren't so tight."
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.
CONDO LIFE – Childhood friends Shannon MacCauley and Cassie MacKenzie have reached a significant milestone together at The Humber: home ownership.
NEXT HOME – Cheyenne and partner Julius made their home ownership dreams a reality when they purchased a condo at The Humber.
Thirty-something working professionals with an infant, this couple felt as though home ownership in Toronto was no longer possible for people like them.
NEXT HOME - One of Toronto's great urban waterways, the Humber River is a lush ribbon that bisects the concrete jungle. Strolling along the river's path, it's easy to forget that the city is bustling just a few hundred metres away.
CONDO LIFE – Living in Toronto is too often a story of compromises: To enjoy the urban vibrancy of the city, you often have to forgo expanses of nature; in order to afford homeownership, you have to move to the suburbs.
A new CMHC program designed to make it easier to buy a home would be limited to first-time buyers who earn less than $120,000 a year.
The Humber marks a first in affordable family living options for an up-and-coming community