Tuesday, 5 July 2016

Homeowner Profile: Cheryl

Parents always want more for their children, so when Cheryl and her husband had the opportunity to settle in Canada, they applied for immigration papers.

With her husband working in the Oil and Gas industry, Cheryl and her family had moved around quite a bit from India and lived in the Middle East. They had even spent time in Southeast Asia before settling in Toronto.

Moving to Canada was an exciting new chapter for Cheryl, but it was difficult. Not having any Canadian experience made it challenging to find a job. To top it off, they were unable to purchase their own home because they did not have any history with any Canadian banks. Cheryl wanted to improve the lives of her family and decided to go back to school to secure better employment opportunities.



Just when things appeared to be getting better, the worst happened. Cheryl’s husband was diagnosed with cancer and passed away suddenly. She never imagined that the very first piece of property that she would purchase in Canada would be at the cemetery. But like every storm, the sun eventually comes out and Cheryl first caught a glimpse of it when she saw an advertisement for Options for Homes on the subway. She decided to call and inquire if she was really able to become a homeowner on a moderate income with two young children.

Cheryl is now enjoying the security of home ownership, along with an amazing view at the beautiful Cranbrooke Village condominium, located at Bathurst Street and Lawrence Avenue West. Her dream came true, as it has for many people, thanks to Options for Homes’ unique model, which provides down payment assistance in addition to offering the lowest priced condos in the Greater Toronto Area (GTA).



How does Options for Homes do it?
Options offers purchasers a loan as a boost to their down payment based on the value of their condo (normally taken by developers as a profit). This Options Contribution reduces the amount for which a purchaser needs to secure a mortgage from a traditional lender. The Options Contribution is also payment-free as long as they live in their home. In this way, Options has been able to help over 2,500 individuals and families across the GTA over the past 21 years, securing cost-effective condos without any ongoing government support and no minimum income restrictions on ownership. Options communities therefore are a healthy mix of people from all walks of life with a broad range of incomes. The key ingredient to the success of their condominium communities is that 90% or more of Options units are owner-occupied which means that the community enjoys the benefits of superior civic engagement and pride of ownership.

What is an Affordable Condominium?
It’s a high quality condominium that simply does not include pricey amenities like pools and gyms. It’s also a condo that is sold without expensive marketing campaigns that often add over $15,000 to the price of the unit. By including things like solar hot water heating and a car-sharing program in every development, Options also ensures that the carrying costs are among the lowest in the city.

Why support the home ownership dream?

Options believes that access to home ownership helps address the larger issue of income inequality in Canada – a growing problem in our society. Additionally, home ownership provides a stable base from which to raise a family, find and keep work and achieve educational goals. Homeownership also creates better community engagement and preservation of wealth through the maintenance of personal and public investments and also helps families move themselves from multi-generational dependency on social housing.