"Cost-Effective" Condos Cheaper than Rental
"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.'"