Urban Fold

"Cost-Effective" Condos Cheaper than Rental

One developer has found a way to build condos at $60,000 less than it costs the average Toronto developer. Through deferrals from the city, money is made available to assist homebuyers with their down payments.

"The practice enables Options to sell family homes to people who might otherwise find it difficult to rent apartments of the same size.

'I can take a two-bedroom unit that would sell for $220,000, and put somebody in it who only has to carry a mortgage of $100,000,' Labbé said.

'This enables a single parent with an income of $35,000 the own her own home,' he said.

'Now, in every building we do, if we can get those minor concessions, we can do 25 per cent income-related ownership and 75 per cent low end of market ownership. And there's no limit to the size of community we can build at that ratio. We could do a 5,000-unit neighbourhood.'"

Full Story: Homes that Cost Less than Rental

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