We recently had the chance to chat with Jessica Speziale, the Marketing Coordinator at Options for Homes. We met to discuss one of Options for Homes’ new condo projects, Danforth Village Estates, and to learn more about how they are helping first-time buyers get their foot in the door.
Danforth Village Estates
Danforth Village Estates will rise approximately 18 storeys and boast a sleek, modern design by Burka Architects. And you can be sure that construction will be top notch with Deltera, Tridel’s construction arm, responsible for raising the building.
Some of the amenities at Danforth Village Estates will include a multi-purpose room with a kitchen, a library, a lounge to socialize with neighbours, a boardroom, and even car sharing. Options for Homes strives to equip their developments with sustainable energy sources whenever possible, so Danforth Village Estates will also feature solar hot water heating.
Located at Danforth and Eglinton in Scarborough, nestled next to the park, Danforth Village Estates will be surrounded by some pretty great neighbourhood amenities. There are tons of restaurants, places of worship, as well as a number of grocery options. There is a great selection of nearby schools, with the closest high school being David and Mary Thomson Collegiate Institute. There’s also reliable transit just a short walk away, and the new Eglinton LRT is planned to pass right by the community.
The exciting part is that starting prices are unbelievable. For just $146,900, you can get a 515 square foot one-bedroom. And for $205,910, you can get a 712 square foot two-bedroom. The largest suites available at Danforth Village Estates are 979 square feet, and they only cost $321,830. Condo prices haven’t been this good since the ‘90s!
The Options Contribution
So, besides the low prices, Options for Homes also offers something called the Options Contribution to help with your downpayment. Speziale explained:
“Every homeowner with Options receives a downpayment boost of 13% of the price of their suite. The Options Contribution is optional, but it helps to reduce the amount of mortgage the homeowner requires from the bank and thus enabling more people to qualify for a mortgage. There are no payments made on the Options Contribution unless the homeowner rents out the suite or decides to sell. At that point, the full amount plus an appreciation relative to the percentage appreciation of the suite is due. For example, if the home appreciates by 5%, the loan appreciates by 5% of its initial value. Every purchaser needs to put 5% down, and with the extra 13%, the purchaser only needs an extra 2% to be free of CMHC mortgage insurance fees.”
Speziale continued, saying that for Danforth Village Estates, Options for Homes is actually offering a 15% downpayment boost!
We also discussed some of the individuals who are pursuing homeownership at Danforth Village Estates. One story that really stood out was about a single father of four who is currently living in a basement and making about $40,000 a year. Options for Homes is working with him to come up with a payment plan that he can manage comfortably.
The average household income of an Options for Homes homeowner is approximately $58,000 a year, and 89% of their purchasers are first-time homebuyers. So, if you’re looking to own your very first home, you don’t want to miss this great opportunity!
Learn more about Danforth Village Estates
The next info session about Danforth Village Estates is Saturday May 4, 2013. To attend, Register now, or call 416-867-1501 for more information.
“Homeownership transforms lives and Options is serious about making it available to as many households in Toronto as possible.” – Michel Labbé, CEO.
“If you want to work hard at becoming a homeowner, we are here to help” – Pat Munroe, COO.