Own a Condo in Scarborough with 5% Down This Fall With Options for Homes!

Monday May 25th, 2020


“The most powerful program in Canada - helps you realize your dream of owning a home.”1        

If you have 5% saved, the Options Down Payment Loan can boost your down payment by 5, 10 or up to 15% and help you buy now. Down payment support is offered to anyone who wants to purchase a condo with Options for Homes and plans to live in their home. The maximum down payment loan is $150,000.

Who is Options?

Options is Canada’s largest developer working exclusively on making home ownership more affordable. Operating for 25 years without government funding, we are a mission-driven social enterprise that turns home ownership dreams into reality. We develop high quality condos with our building partner Deltera (of the Tridel Group of Companies). 1

How it Works:

This shared appreciation loan is payment-free until you sell or move. The added down payment will lower the mortgage amount required which will lower your monthly payments.

Condo Price $400,000 $400,000
5% down payment $20,000 $20,000
15% Options loan   $60,000
Mortgage required $380,000 $320,000
Monthly payment $1,997 $1,682
Household income required $90,000-$100,000 $75,000-$85,000

When is the loan paid back?

When you move, sell, or pay off the primary mortgage (or before if you choose).

How much will you owe?

Ex: Selling your home after 5 years. Your home price has appreciated to $500,000

The loan provided to you was 15% of $400,000 = $60,000

Therefore the amount owed to Options is 15% of $500,000 = $75,000.

How do you benefit?

Condo Purchase Price $400,000    
15% Options loan (of home value) $60,000    
Payments in 5 years (in interest and principal) *$59,400    
Mortgage amount after 5 years   $278,500  
Amount owed to Options   $75,000  
New mortgage amount   $353,500  
Selling price of home     $500,000
New mortgage amount     $353,500
Equity gain     $146,500

*Example based on monthly payments of $1682 for 60 months with an interest rate of 3.99%

Your estimated equity gain in 5 years would be $146,500.

Options is owed $75,000 ($15,000 gain) which is returned to their pay it forward fund to help other home buyers.

To qualify the applicant must:

  • have at least 5% down payment
  • qualify and secure a mortgage from a primary lender
  • plan to live in the options home

Loan Amount:

The loan requested can be for 10% - 15% of the home purchase price.

If you're a first-time buyer you may also qualify for an additional $600,000 to boost your down payment. Click here for more information.


1. https://www.optionsforhomes.ca/

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