Toronto Loft Conversions

Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Unique Toronto Homes

More than just lofts, I can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Category Archives: Affordable Housing

City funds help Options for Homes build diverse new condo project

Paul Gallant – Yonge Street Media

Options for Homes has always dedicated itself making home ownership more affordable for Torontonians who may otherwise not be able to buy a home. But with its Cranbrooke Village project, which officially opened last week near Bathurst and Lawrence, it was able to provide housing for buyers who made have found it impossible to get a mortgage any other way.

Established in 1994, the not-for-profit helps buyers with their mortgage down payment by providing loans that are only paid back when the buyer rents or sells the property. But with Cranbrooke Village, a $1.42-million investment from the City of Toronto’s Home Ownership Assistance Program (HOAP) enabled the program to give about 25% of the home owners extra help.

Cranbrooke Village
“The average person [in the Options for Home program] would get $30,000 towards the down payment. The city allowed us to increase that by up to $70,000 or $80,000 in total, which gave lower-income individuals a chance to own,” says Mike Labbé, Options President and CEO. “Our homes usually allow for people with incomes $20,000 less than the average owner to have a chance to own. By the city getting involved, we were able to reduce that by another $10,000 or so of annual income.”

Comment: And the city needs more projects like this.

The condos, built by Deltera, a member of the Tridel group of companies, are more affordable from the get-go. Permission for increased density allowed for lower land costs for the 341 units. “The community support for this project is one of the things that made it stand out,” says Labbé. As well the Options for Homes strategy kept marketing, sales and commissions costs to about $4,000 per unit, a reduction of about $20,000 over the regular market. In the design, amenities are kept to a minimum—a multipurpose room, which Labbé estimates saves another $15,000 per unit.

—————————————————————————————————–
Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

—————————————————————————————————–