Danforth Village Estates, one of Options’ current projects, on Danforth Road just north of Eglinton Avenue East.

Options for Homes Non-Profit Corporation (“Options”) is dedicated to providing quality condominium homes in great communities at the best possible price. Over 3,700 new homes have been built using their innovative model, creating great communities of people living in quality homes that are affordable.

For each community being developed, a co‑operative corporation whose members and directors are made up of the prospective homeowners is created to acquire the land and build the condominium. The homeowners elect the directors of the co‑operative.  Options acts as a consultant to the co‑operative, working with the homeowners to create their community.  At monthly meetings before moving in, owners are given the opportunity to provide feedback and suggestions affecting the new community being created. The condominiums are sold at cost (i.e. no profit is added) before construction.

Condo units are made even more affordable by eliminating costly building amenities, reducing marketing and administrative costs. When all this is added up the Options model can bring a one bedroom condo that might have sold for $270,000 down to just $190,000, allowing many people who might never have thought they could own a home to become home owners. Options strives to bring home ownership within reach for households with a wide range of income levels, from young families to those downsizing from a larger home.

Iler Campbell LLP has been a partner supporting the Options vision since the beginning.   We provide legal advice and sort through the legal issues (and paper!) at every stage: from when the co‑operative buys land right through to construction financing and conveying homes to co‑op members.

We find the work especially fulfilling, knowing that the purchasers are moving into beautiful affordable buildings with strong, developed communities.

Options is currently selling units in two Toronto projects: Cranbrooke Village on Bathurst north of Lawrence and Danforth Village Estates at Danforth Road and Eglinton East.  If affordable home ownership is your dream, take a look at the Options website at optionsforhomes.ca

Filed in: Client Profiles, Co-operative Law, Firm News, Housing

Tags: Affordable housing, Co-operatives, Housing