For those that choose to take advantage of the equity top-up, there are no repayments required for that second mortgage, as long as you remain an occupant of that condo. But once you decide to sell, or should you decide to rent the unit out, the principal and interest of that second mortgage is due.

“It’s a fantastic program that’s unlike any other,” says Mary Pattison, director, sales and marketing for Options for Homes. She adds, “As a not-for-profit builder, the aim is to help anyone that could qualify for a mortgage, to get into the housing market.”

To qualify for the purchase one of these equity top-up condos, buyers must submit financial information showing that they are gainfully employed and that they can manage the monthly payments required to carry the condo. There are no other restrictions. Buyers aren’t limited by income minimums or limits and they don’t have to comply with specific requirements, such as family dynamics. “There is no barrier of entry or exit when it comes to purchasing our condo units,” says Pattison. “By doing so, we create successful mixed communities that retain and increase in value and help buyers to increase their own equity and net worth.”

The key to the success of Options for Homes is their no-frills approach to their builds and the amount of research they do on their building sites.

The condo buildings have no pools, saunas or weight rooms; there is no 24-hour concierge and no fancy foyer artwork. You won’t see a model suite in some swanky sales office—this is marketing that costs money. Lots of money. But this no-frills approach pays off. Not only does it keep ongoing monthly maintenance costs down, but what the builder’s saves by omitting these fancy amenities is passed on to the buyer—through lower purchases prices.

Then there’s the location. “We’re actually a catalyst for change,” explains Pattison. Twenty years ago, Options for Homes, led by Mike Levi, built the first multi-family building in Toronto’s Distillery District. At that time the area was undeveloped and condo prices hovered near $100,00. Try and get into that market now, and expect to pay at least $300,000, probably more. “Our goal is to get into the next hot pocket,” says Pattison, “as a result the appreciation on the units in our building have a tendency to outperform.”

Right now, Options for Homes is only available in the Greater Toronto Area—and really in the larger metro Toronto region. Current developments include: 249 units at Danforth Village Estates, 275 units in Village by Main Station, 116 units in Milton’s Jasper Condos, 263 units at Warden and Ellesmere, 226 units at The Humber (near Weston Village) and 380 condo units and 51 townhouses located at 1340, 1350 and 1360 Danforth Rd.

But without a sales office, how do buyers get more information about Options for Homes? Through no-frills seminars typically held in the back rooms of local libraries. The next seminars are scheduled for: