Cranbrooke Village Grand Opening

On Friday March 20th Options, along with the City of Toronto, celebrated the Grand Opening of our newest development Cranbrooke Village.

Options contributed $11.82 million in down payment loans at Cranbrooke Village and 94 of its 341 suites were made even more affordable with addition contributions of $1.43 million from the City of Toronto and $584,000.00 from Options' sister company Home Ownership Alternatives ("HOA").

Councillor Ana Bailão hosted the event and was joined by speakers Greg Banfield, HOA's mortgage manager, Options homeowners Jason Arias and Cheryl Preminger and Options CEO Mike Labbé.

The grand opening was a great opportunity for Options CEO Mike Labbé and the Options team to acknowledge the many, many people and organizations who contribute making Options communities a reality.

Options homeowner Jason Arias spoke at the event and was interviewed by CBC News about his journey to purchasing an Options condo.

Jason is a single father of a 9-year old daughter. As he says, once he decided to look into buying a home he discovered that Options was really the only option that made sense for him.  He loves that he is able to pay for his home and still have money left over to live his life.  Because of his decision to purchase an Options home, instead of the more expensive condos downtown that he considered, he is able to take his daughter on vacations, go out to eat more often and still have some money left over for savings.  He knew that if he purchased a more expensive condo he would be able to afford it, but not much else.  He is living within his means and for him, that is the key to happiness.

Options homeowner Cheryl Preminger also spoke at the event. She said:

“One day on the subway I looked up and saw the Options ad. I called, attended an information session and realized with the additional help that I would be able to afford a home in Canada for myself and my children.  We were in our condo at Cranbrooke Village less than a year later. A wish from our bucket list fulfilled!” 

Cheryl's story of being an immigrant with no Canadian job, no Canadian credit and becoming a homeowner is truly inspirational.  See more of Cheryl's story here:

Jason and Cheryl are just two of many Options homeowners.  All with their own unique story and background. Options for Homes believes that home ownership should be available to everyone. Home ownership makes households financially stronger which in turn builds stronger cities.

We are so proud to celebrate the opening of Cranbrooke Village and to officially welcome the 341 purchasers into their new home and new chapter in their lives.

Here are a few shots from the event.  Stay tuned for more photos and video footage from our grand opening!

  

#TBT (Throwback Tuesday) St. Patty's Day Scavenger Hunt

We don't do anything by the book at Options, so when it came time to deliver rebate cheques to residents at the Village by High Park we had to put an Options spin it.

On March 17, 2013, residents took part in a scavenger hunt that led them through all the amenities in the building before receiving their cheque.

Watch Village by High Park owner Melanie talk about that day here:

Read more about the St. Patty's Day Scavenger Hunt from the Toronto Star New in Homes Blog here: http://blog.newinhomes.com/news/options-homes-st-pattys-day-event/

Find out how you can become a part of an unconventional condo community, attend a free info session.

And don't forget that Options offers a referral fee to owners that refer friends and family.  Call 416-867-1501 to find out more.

Options Purchase Consultants Never Give Up On Their Clients

97% of Options purchasers at Danforth Village Estates have a total household annual income of less than $75,000.

Even Options staff were taken aback by that statistic.

A total household income of less than $75,000 to own your own home, in the GTA, within walking distance of transit!  This would not be possible without the Options contribution and even more importantly the Options staff and purchase consultants who work tirelessly with potential purchasers to help them qualify for a mortgage and get their finances in order.

Our purchase consultants never give up.  They will work with you and coach you on how to improve your credit,  they will help you create a savings plan and arrange a payment schedule for your down payment that works for you.  Options purchase consultants are there for their clients every step of the way.  They advocate for their clients and are available to answer any questions purchasers may have.

If it is your goal to own a home, there is no one better to have in your corner than an Options purchase consultant.  No other condo developer would provide the amount of counselling and support that Options does.

A recent purchaser at Danforth Village Estates just secured their mortgage from the bank with the help and guidance of one of our purchase consultants.  This is what she had to say upon finding out she was approved:

"THANK YOU so much for the help. You may not realize but this great news will bring security for me & my kids, investing for our future. It motivates me to work harder as a single parent."

Without the effort and drive of our purchase consultants Options wouldn't receive feedback like that and would never be able to accomplish a stat like 97% of purchasers with a household income of less than $75,000.00.

Thank you to all of our purchase consultants for all that you do everyday to help people make better lives for themselves and their children. You deserve all the positive feedback and credit that you get and more.

Options upcoming development at Danforth Rd. and Eglinton Ave. is currently selling and is expected to begin construction in the summer of 2015.

Learn more about Danforth Village Estates here: http://optionsforhomes.ca/danforth_village_estates/
or register for an information session now: http://optionsforhomes.ca/register/

No "Shoddy" Condo Buildings Here

While many condos in Toronto are being deemed "shoddy" and have a predicted life span of less than 20 years, Options for Homes recently won a DMDA Architectural Design Award.

*Click here for a full list of Options awards and recognition

This article from the CBC discusses the future of  so called "shoddy" condominiums in Toronto:
http://www.cbc.ca/news/canada/toronto/fears-that-shoddy-toronto-condos-could-become-future-slums-1.2796979

A Toronto-based real estate agent is quoted in the article.  He said: 

"It's all about timing. We advise most clients to get out before that five-year mark," said Roy Bhandari of Sage Real Estate, which notched nearly C$50 million in Toronto condo sales in 2013, with clients typically from China, Eastern Europe, or the Middle East. "It's the magic number because after five years the warranties are expired."

Real estate agents are advising their foreign investor clients to sell their condos within five years because after that the condos will start to deteriorate? Are we the only ones that see something wrong with this situation?

These condos are built for the short term.  There is no consideration for the purchasers buying the condos after the initial investor let alone their children and the future generations who will have to clean up this mess.  

The article also says, "Real estate brokers are dealing mostly with 10-year investors who want to buy from a blueprint, double their equity during the five years of construction, and enjoy rental income and price appreciation for five more years before selling and investing again elsewhere."

Sustainability is the last thing on these developers, builders and investors minds.  They are looking to build their product as cheap as possible and maximize their profit to make a quick buck and then abandon the people who lose money and suffer in the aftermath. 

Options doesn't believe in sacrificing quality to keep our prices low - instead we eliminate expensive amenities and marketing initiatives that drive the cost of each suite up by thousands of dollars.  In 20 years of developing condos and creating communities we have never heard the word "shoddy" used to describe our work.

Homeowner Jim Munroe explains how he got more than he expected without paying for upgrades:



Unlike other condo developers who build condos as cheaply as possible because their only goal is to make a profit, Options co-invests in your unit (in the form of the Options Loan).  The fixtures and overall building quality are better than average because when homeowners sell or rent out their suite they are required to pay back the Second Mortgage. The loan appreciates by the same percentage as the sale price of the condo so Options shares in the benefit of producing quality condos as the units are sold.

Those additional funds are then allocated to create more cost-effective home ownership opportunities in the GTA and around the world. Without quality design, architecture and construction the suites would not appreciate in value and Options would not have the means to create more housing and Options' not-for-profit model would fall apart. 

It's a fact - The better quality the condo and community the more each suite will appreciate in value therefore the greater the funds which that will be allocated to go towards creating more cost-effective housing.  

Options has been creating communities for over 20 years and we remain committed to producing the highest quality designs and construction at the lowest possible price, that's what our model dictates and that is why we continue to be able to grow the Options model and promote the vision around the world! 

Visit our website: optionsforhomes.ca to learn more

FAQ: What makes Options a Nonprofit?

Something we hear a lot from people who are't familiar with the Options model is that they don't understand how a condo developer can be a not-for profit company. See below for the definition of a nonprofit:

"The Nonprofit Handbook: Everything You Need to Know to Start and Run Your Nonprofit Organization" by Gary M. Grobman discusses a nonprofit as an organization that uses surplus revenues to achieve its goals rather than distributing them as profit. 

Options fits the definition of a non-profit because any surplus earned goes directly to future community development projects. Options for Homes goal is to provide cost-effective ownership opportunities to everyone in the world that wants it and all surplus funds go towards achieving that goal.

Options for Homes defers our profits and generates funds for future investments in affordable housing and other sustainable development projects through an approach called the Affordable Housing and Community Equity Reinvestment Technique (AHCERT). The key to this approach in the Options second mortgage, which Options retains on each unit until the original purchaser sells or rents out the suite.

All Options purchasers are eligible receive a down payment boost know as the Options Loan. The purchaser must have five per cent of the purchase price and Options will then facilitate a loan of up to 15 per cent of the purchase price. No payments are paid on the loan until the original purchasers sells or rents out their unit. At that time the loan appreciates by the same percentage as the condo. I.e. if the loan is worth 15 per cent of the original purchase price the purchaser will pay back 15 per cent of the sale price when they move.

Options defers its return on investment in a project until the individual units are sold. By deferring the profit Options is able to share in the market appreciation of the unit. For example, if the value of the second mortgage is $20,000, or 10 per cent of a $200,000 purchase price, Options will receive 10 per cent of the eventual selling price, which would be $30,000 if the unit is sold for $300,000. That additional $10,000 then goes into future community development projects.

The Options Loan provides the means that Options can recover the cost savings offered to purchasers during development and construction and reusing them eventually in the development of other sustainable development projects.

By offering the Options Loan we help purchasers get into ownership and by delaying the repayment until the purchasers sells or rents out their unit Options is able to share in the profit and allocate those funds to give more individuals the opportunity to get into ownership.

Options uses the repaid loans to pay it forward and create more cost-effective ownership opportunities for even more individuals and families.





Do you want to know anything about Options for Homes? Do you have a question you want answered in our blog? Tweet it to us @OptionsforHomes!

FAQ: Why is there condensation on the inside of my windows in the winter?

Winter condensation on windows is a growing problem in Canada.  This problem, believe it or not, occurs because homes are sealed better now against air leakage and natural ventilation to the outdoors is reduced compared to older homes.  In the past air would escape through window seals, now the air cannot escape and turns into condensation on windows and other parts of the home. 

Options condos, like most new homes, are very tightly sealed to prevent air leakage, drafts and to help conserve energy.  During the winter, when heat is turned on, this can contribute to an increase in condensation forming on the windows and other parts of the suite.

What causes window condensation in the winter?

Condensation forms when the warm, moist air within your home meets cooler surfaces (such as windows).  Imagine a glass with a cold beverage during the summer - we've all seen the condensation that forms of the outside of the glass - or when your glasses fog up when walking into a warm room from out in the cold.  The same principle can be applied to windows in the winter. 

Condensation problems arise because air can only hold a limited amount of water vapour - cold air is able to hold less water vapour than warm air. Air cooled by contact with cooler surfaces will therefore deposit water vapour on the glass.  Condensation is an indication of excess water vapour in the air.  

All homes are susceptible to occasional condensation.  There are the three most common times that condensation occurs:

1. Condensation is especially present in newly build homes.  Gallons of water went into the concrete and other materials used to construct your new Options home.  As soon as the heat is turned on the moisture begins to seep out into the air.  The water slowly evaporates, therefore the moisture content in new homes is above normal.  Some construction materials can take up to a year to dry out naturally. 
2. During humid summers your suite may absorb moisture.  This can be apparent during the first few weeks of heating in the fall/winter.
3. Sudden drops in temperature can cause temporary condensation problems.
4. Regular daily activities such as cooking, showering,drying clothes, even breathing, release huge amounts of moisture into the air. 

How does condensation affect my home?

Condensation can have a number of negative effects on your home.  Some of these include:

• stained ceilings
• water streaming from windows
• mould on walls and windowsills
• wallpaper or plaster damage 

The best way to prevent any of the above from occurring is to get rid of excess water vapour.

The Good News - You can do something about it 

Proper ventilation will promote the nature drying-out process which will allow everything in your home to adjust as steadily as possible.  You should not try to speed up the process by creating extremely high temperatures.  This will exaggerate the normal shrinkage that comes along with the nature process of drying out.

There are a few steps you can take to conquer condensation:

• Open windows slightly - this solution will cost a bit more in heating but it is the easiest and cheapest way to solve the moisture problem.
• Use exhaust fans and proper venting - installing (or using pre-existing) exhaust fans in high moisture areas of you home can help.
• Bathroom exhaust fans should be used during every shower/bath and for at least 15 minutes afterwards. 
• Heat Recovery Ventilators (HRVs), which can be found in most Options buildings, can retain most of the heat that you would normally lose through open windows and exhaust fans.  They extract 75-85 per cent of the heat out of stale, indoor air before exhausting it outdoors.  This saved heat is then transferred to a fresh stream of air coming into your home from outside. 

diagram sourced from: http://www.coastalventilation.co.uk/services

Condensation on the inside of windows is completely normal, especially considering the cold temperatures we have been experiencing lately.  The good news is that there are many simple lifestyle changes that you can make to help solve this problem.

Do you have any questions about you want to ask Options?  Let us know and your question could be featured in our blog!

Sources:
http://canadianhomeworkshop.com/4523/home-renovations/eliminating-winter-window-condensation

GUEST BLOG - Neighbourhood Sketch: The Beaches

author: THEREDPIN

The Beaches is a charming waterfront neighbourhood in Toronto’s east end, just 15 minutes from the city’s downtown core. Located on Queen Street East, between Coxwell and Victoria Park Avenue, the vibrancy of Queen Street blends with the relaxed shoreline, creating the unique atmosphere the Beaches is known for. The Queen Street East commercial district is home to a number of independent and family owned establishments, mixing vintage shops, restaurants, pubs and brand name stores.

Take a look at the 10 reasons why The Beaches is a great place to live!

1) The family-oriented community is home to nearly 22,000 residents; where 62% are from ages 25-64, pretty much all ages

2) The sandy shoreline is traced by a 3 km boardwalk, with bike and rollerblade paths perfect for summer strolls and workouts

3) Kew Gardens (in the Beaches) hosts the renowned International Jazz Festival, concerts, craft shows and exhibitions throughout the year

4) The beachfront features lush parks perfect for picnics, volleyball courts and a Olympic sized swimming pool free of charge

5) The neighbourhood is home to the acclaimed R.C. Harris Filtration plant, one of the best Art Deco architectural sites in Toronto

6) The close-knit community is kept in the loop with several local papers including the Beach-South Riverdale Town Crier and the Beach Metro Community News

7) Getting around the neighbourhood is convenient, both by foot and public transportation. The Beach has a walk score of 88 and has 6 bus lines and 3 light rail lines (including the Queen Streetcar line)

8) There are over 200 restaurants, bars, coffee shops in the neighbourhood for residents to enjoy, ranging from traditional Thai cuisine to English-style pub food

9) The beachfront enclave offers residents a break from the rush of city life, despite being a mere 25 minute streetcar ride from downtown Toronto

10) The Beach’s rich history is reflected by one of the four original Carnegie Libraries dating back to 1916

We’ve given you a brief snapshot of the charm and ease that The Beach is known for. Feel free to browse through TheRedPin’s resale listings and pre-construction condos in one of Toronto’s favourite summer spots.

Wondering about other Toronto beaches, we narrowed down the top 5 in the city.

Disclaimer: The views & opinions expressed in any guest blog featured on our site are those of the guest author and do not necessarily reflect the opinions & views of the Options Group of Companies community as a whole.