OPTIONS FOR HOMES Information

Options for Homes is Canada’s largest non-profit developer of attainable homeownership condominiums. A pioneer in the use of shared equity mortgages as down payment support, we have been in operation since 1994 and have built more than 3,300 homes and assisted over 6,500 people with down payment support. We help increase people’s buying power by contributing to their down payment through the Options Ready Program. The Options Ready Program provides access to down payment support up to 15%; this is structured as a shared equity second mortgage that increases a purchaser’s total down payment and lowers their cost of ownership. There are no monthly payments on this mortgage. Instead, when purchasers sell their unit or move, they repay the shared equity mortgage plus appreciation. The proceeds are used to create new projects, and therefore new opportunities for people to become homeowners. It’s an ongoing cycle that allows us to continue delivering on our mission of creating access to homeownership for future generations.