Governments of Canada and Ontario Support Home Ownership for Low Income Families in Toronto
TORONTO, ONTARIO, December 7, 2016 — The Governments of Canada and Ontario announced today federal and provincial program funding that will assist low-income Toronto residents in purchasing a home.
The up to $865,000 in funding, allocated through the Canada-Ontario agreement for Investment in Affordable Housing, will assist lower-income residents in purchasing a condominium at The Village by Main Station, a project by non-profit housing developer Options for Homes.
Options for Homes strives to make home ownership available to those in the Greater Toronto Area and Southern Ontario by providing quality homes at the best possible price. As part of the purchasing requirement, families need a down payment of five per cent of the purchase price of the condominiums, which will be priced at or lower than the market price of similar condominiums. Eligible purchasers are further supported by the option to take a down payment assistance loan that increases their down payment on their new home.
Occupancy for The Village by Main Station is slated to begin in Fall 2018.
- Since 2003, more than $1.2 billion has been provided by the Governments of Canada and Ontario in total assistance for affordable housing in Toronto.
- In September 2016, the Governments of Canada and Ontario announced the City of Toronto will be receiving more than $154 million in social infrastructure funding, which doubles the City's allocation from the Investment in Affordable Housing agreement and provides targeted support to housing programs for those who need it most in the City of Toronto.
- The Village by Main Station will be located on Trent Ave., just east of Danforth Ave. and Main St.
- The Village by Main Station will be located in a neighbourhood with a number of public recreation spaces, schools, places of worship and other community amenities.
“Our Government is committed to developing and implementing smart solutions to housing. The Options for Homes model is a creative way to help low-income families realize home ownership, and this investment demonstrates our commitment to affordable housing for Canadians in need.”
— Nathaniel Erskine-Smith, Member of Parliament for Beaches — East York, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development
“Options for Homes is bringing an innovative and proven ownership model to Beaches-East York, and I’m very pleased that the Province is able to provide additional funding in support of their affordable housing development near the Danforth. As Toronto continues to grow, the Options program will help more Ontarians make that initial purchase and enjoy the financial and personal stability of owning their own home. I’m proud to have these new residents as neighbours, and I welcome them to our community.”
— Arthur Potts MPP, Beaches-East York
“This is a great example of how the partnership between the federal, provincial and municipal governments produces much-needed affordable housing in Toronto. I also want to congratulate Options for Homes for its commitment to creating affordable ownership opportunities for people.”
— Ana Bailão, Chair, City of Toronto Affordable Housing Committee
“Options is grateful for this support that helps deepen the affordability of some units at this development. This will ensure that more families are able to afford homes appropriately sized for their needs. The creation of inter-generational wealth through real estate investments makes this both a virtuous investment as well as one that will pay dividends over time through better health, educational, civic engagement and employment outcomes”
— Heather Tremain, Options for Homes CEO
- Canada Mortgage and Housing Corporation (CMHC) has been helping Canadians meet their housing needs for more than 70 years. As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of CMHC’s operations. For more information, please call 1-800-668-2642.
- Investing in affordable housing programs is part of Ontario’s plan to create jobs, grow the economy and help people in their everyday lives. Since 2003, the province has committed more than $5 billion in funding for affordable housing, which has helped support more than 22,000 new affordable rental housing units, more than 335,000 repairs and improvements to social and affordable housing units and rental and down payment assistance to more than 93,000 households in need. These investments complement the commitments made through Ontario’s recent Long-Term Affordable Housing Strategy update, and support the province’s goal of ending chronic homelessness by 2025. For more information on affordable housing in Ontario, visit ontario.ca/affordablehousing.
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Canada Mortgage and Housing Corporation
Ministry of Housing
Affordable Housing Office
City of Toronto
Director, Sales and Marketing
Options for Homes
416-867-1501 ext. 225