A new condominium development, designed to offer affordable home ownership opportunities for Toronto residents, has officially opened at 35 Saranac Blvd. in Toronto, Ont. The 341-unit project, known as Cranbrooke Village, was financed through the City of Toronto’s Home Ownership Assistance Program (HOAP) in collaboration with Options for Homes and sister organization Home Ownership Alternatives.
Of the 341 units, 94 are designated as more deeply affordable as a result of a $1.42-million investment from the City of Toronto, through the HOAP.
Built by Deltera Construction, Cranbrooke Village features bachelor, one, two, and three-bedroom suites. Building amenities include a rooftop garden, multi-purpose room with kitchen, library, lounge, boardroom, car-sharing services, and self-controlled heating, cooling and electricity.
“Creating affordable ownership homes is a key part of Toronto’s housing strategy,” says Ana Bailão, Toronto’s Housing Advocate and Chair of the Affordable Housing Committee. “On behalf of Councillor Josh Colle and City Council, it is a pleasure to support committed partners like Options for Homes, in order to make home ownership a greater possibility for lower-income people.”
Funds provided by the HOAP help non-profit housing providers reduce their upfront building costs, development charges and building permit and planning fees. Options for Homes and Home Ownership Alternatives provide down-payment loans for low to moderate income households. Repayments are not required until the owner sells or rents their home.
“It is a great source of pride that we have been able to generate $11.82 million on this site to help our purchasers and future purchasers in perpetuity own their homes,” says Mike Labbe, Options for Homes President and CEO. “The fact that we received an additional $1.42 million from Toronto and $584,000 from Home Ownership Alternatives is all the more gratifying.”