Habitat for Humanity GTA opening up home ownership to individuals and couples

Habitat for Humanity Greater Toronto Area is launching a program that will offer an affordable home ownership option to a handful of individuals and couples for the first time.

The non-profit organization, which for years focused on affordable home ownership for families, says it's expanding its mandate given current economic conditions. 

"I think the demand is there. We all know that there's a major affordability crisis in the GTA," said Seema Sarda, director of family partnerships for Habitat for Humanity GTA.

"We're heard from a lot of individuals and couples that they're not even necessarily willing to make a decision about having children when they don't have the stability of a place where they know they can raise a child," said Sarda.

The new homes will be available within a new 12-storey building currently being constructed in North York, at 500 Wilson Avenue. 

One-bedroom and one-bedroom plus den sized units will be available in that housing project for individuals or couples through a new program by Habitat for Humanity called HomeStart. The units are expected to be move-in ready in late 2024.

Habitat for Humanity has a partnership with the developer of 500 Wilson Avenue, which is Collecdev. It sold Habitat 10 units and both the developer and the City of Toronto provided funding to launch the project, a spokesperson for the non-profit told CBC Toronto in an phone call.

Sarda says the hope is HomeStart will allow young people in particular to launch their lives by making home ownership possible to more people regardless of family status.

"Looking at the housing crisis… this seemed like a perfect opportunity to launch what we've been thinking about for a long time," she said.

But the opportunity isn't for everyone — the starting household income is $90,000 to qualify.

Sarda said this is because they need to ensure those moving in have the financial stability to be able to manage mortgage payments.

That's $6,000 more than the median total household income in Toronto as of the 2021 census and about double the median household income in the city for a single person the same year, which is $45,200. But the organization says it hopes it puts home ownership within reach for some.

Sarda says Habitat for Humanity GTA it will continue to make homes available to families also, including six two-bedroom units in the same North York housing project under development. 

Habitat for Humanity homes do not require home owners to provide a traditional down payment, said Sarda. A household must qualify for a first mortgage from a traditional bank or credit union. The remainder of the cost of the home is initially taken care of by Habitat for Humanity, with the homeowner only paying Habitat for Humanity back after paying off their traditional mortgage, she says.