September 14th was a momentous day for The Daniels Corporation, Diamond Corp., the City of Toronto, and first-time buyers in the Greater Toronto Area (GTA). Daniels and Diamond Corp. broke ground at the new Daniels FirstHome™ Markham Sheppard community.
The 3.6-acre condo community at 5131 Sheppard Ave. East will feature 328 mid-rise and townhome units. 30% of these units are designated as affordable ownership housing. In fact, the land sale (from Build Toronto) mandated 30% affordable ownership!
“I applaud both the City of Toronto and Build Toronto for recognizing the opportunity to harness the power of the private sector to create much needed affordable ownership housing in our city,” says Niall Haggart, Executive Vice President of Daniels.
“Becoming a homeowner is a big financial step, and we have been working hard for decades to help make this a reality in the communities in which we build,” he adds. “Daniels, together with our partners Diamond Corp., continue to set the bar for this type of community development, and we are proud to partner with the City of Toronto and its agencies to be a part of the solution to help achieve the City’s affordable housing goals.”
Daniels is offering their Gradual Deposit Payment Plan at Daniels FirstHome™ Markham Sheppard, which gives qualified buyers the option to pay their 5% down payment in monthly installments.
The First Home BOOST will also be available for the affordable ownership housing, giving qualified buyers a 10% “boost” on their down payment with a payment-free and interest-free second mortgage. The City of Toronto will hold the second mortgage, which will be paid back with a percentage of the capital appreciation when the unit is resold.
The funding for the First Home BOOST is provided by the federal and provincial governments, and it’s administered by the City of Toronto’s Affordable Housing Office. Build Toronto and the Affordable Housing Office worked together to secure the 30% affordable ownership housing on the site.
“Through the City’s Open Door program, we are streamlining the process and cutting red tape for developers who want to do business with the City so we can build much needed affordable housing quicker,” says Mayor John Tory, who attended the groundbreaking event.
“The City invested $7.7 million to provide down payment assistance loans to nearly 100 eligible families at 5131 Sheppard Avenue,” he adds. “I want to thank The Daniels Corporation, Diamond Corp. and Build Toronto for being partners with the City of Toronto to do everything we can to build more affordable housing for people who need it in Toronto.”
“For Build Toronto, this exemplifies our powerful commitment to the City of Toronto and undeniable ability to bring partners together to make things happen,” says Councillor David Shiner (Ward 24 Willowdale), Board Chair of Build Toronto and Chair of the City’s Planning and Growth Management Committee.
“The almost 100 affordable housing units and $7.3 million in development charges and fees created from underutilized City land is made possible not only through a partner that shares a City-Building vision, but also through the support of City Planning,” he adds. “We are excited to see this development take shape and serve as an example of an effective and integrated affordable housing program for future development.”
Register for Daniels FirstHome™ Markham Sheppard
Daniels FirstHome™ Markham Sheppard features three six-storey condos with 228 units from 443 to 1,053 square feet with plans ranging from studios to three-bedrooms.
The condos will be built with wood-frame construction, making it the first six-storey wood-frame condo in the GTA. This will also lower the cost of construction. Prices will start in the $290,000s.
Like all of the other Daniels FirstHome™ communities, the homes will be built before sales launch, which has proven to be a successful model. The Daniels FirstHome™ projects usually sell out within hours of opening.
Building first gives buyers the opportunity to see the actual homes they are going to purchase, plus it makes for quick 60, 90, and 120 day closings.
A selection of units will be released to qualified First Home BOOST buyers in summer 2018, and occupancy for the entire community is scheduled for spring 2019.
To stay in the loop and see if you’re qualified for the First Home BOOST register now!