About the Businesses
Options for Homes is Canada’s largest affordable home ownership developer. Since 1994, Options has built more than 3,100 homes in 10 Toronto neighbourhoods, including landmark communities in The Distillery District and The Junction. Options makes ownership more attainable for more people by taking what would normally be the developer’s profit and using it to enhance purchasers’ down payments, lowering their cost of ownership.
About the Loan
In December 2018, VCIB provided a $12,900,000 non-revolving floating rate loan to assist with the acquisition of a 6.08-acre vacant parcel of land in Toronto’s Scarborough Village neighbourhood. With this land, Options for Homes plans to develop a 780-unit condominium and townhouse complex. In May 2021, VCIB also provided an advance to increase and extend the bank’s existing loan by $288,000.
About the Impact
Over the past decade, exorbitant prices in the housing market have caused an affordability crisis in Ontario. To help alleviate this problem, all the units in this new development will be provided with down payment support. Plus, close to half of the units will receive additional support through a partnership with the City of Toronto, which will deepen the units’ affordability, making home ownership a possibility for 780 families in Scarborough Village.
As Canada’s only values-based bank, VCIB aims to build affordable and sustainable communities by financing a large variety of purpose-built real estate. VCIB is proud to partner with Options for Homes in this project to expand access to affordable home ownership in Toronto’s east end.
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