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Options for Homes Applauds Details of Federal Government's First-Time Home Buyer Incentive
[June 17, 2019]

Options for Homes Applauds Details of Federal Government's First-Time Home Buyer Incentive


Options for Homes, a not-for-profit developer that pioneered the use of shared equity mortgages in Canada, is pleased with the details of the Federal government's First-Time Home Buyer Incentive ("FTHBI") and the steps it takes to address the country's housing affordability crisis.

While Options believes there is still more to be done to tackle Canada's affordability problem, the FTHBI takes concrete steps to help Canadians purchase their first home.

"The First-Time Home Buyer Incentive will go a long way to help to improve access to home ownership for middle income earners and make progress in tackling affordability issues," said Heather Tremain, CEO of Options for Homes. "We've been using the shared equity mortgage model for more than 25 years and have seen firsthand the positive impact it can have on working Canadians looking to achieve the dream of home ownership."

Options for Homes has helped middle income Canadians realize their dreams of home ownership for more than 25 years, with more than 3,000 complted residential units and more than 2,100 in its development pipeline. Options helps Canadians who can generally afford the carrying costs of a home, but not the large lump sum required for a down payment, buy high-quality condo apartments and townhomes.



As an example of the shared equity model, Options for Homes is currently offering down payment loans of up to $115,000 for a three-bedroom condo in its development on Toronto's Humber River, reducing the required annual household income to qualify for a mortgage by as much as $27,000. The Humber includes 40 three-bedroom units, far exceeding the city's requirements for larger units, as part of its commitment to middle class families.

About Options for Homes
Options for Homes is Canada's largest developer working exclusively on making home ownership more affordable. Operating for more than 25 years without government funding, Options is a social enterprise focused on helping people who can generally afford the carrying costs of home ownership but don't have the resources to save for a large down payment through its unique funding model. Options works with Deltera, the construction arm of Tridel, to build high-quality condo apartments and townhomes. Options is currently selling 3-bedroom units in The Humber, a development on the Humber River in Toronto's west end. For more information, visit www.optionsforhomes.ca.



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