Former renters find purchasing a possibility at Daniels’ Wave Lakeshore West
For a long time, Aslim searched out a new life for his small family. A long-term renter, he had hoped for some kind of opportunity that would help him purchase a home to share with his wife and daughter. However, homeownership didn’t seem viable on Aslim’s income as a security guard.
Then he heard of The Daniels Corporation’s WAVE Lakeshore West, a Daniels FirstHome™ Community, the first high-rise addition to the company’s FirstHome™ Program. WAVE incorporated affordable pricing – including studio suites starting at $119,900 and one-bedrooms from $149,900 – but the perks didn’t stop there. Daniels also offered its incredible down-payment assistance program in partnership with the provincial and federal governments, giving low-income buyers their first true chance to own instead of rent.
When Aslim heard about the offer, he registered right away, hoping to purchase a two-bedroom suite for his family. “It was more than exciting – I have always rented and was always looking for an opportunity like this to come up,” he says. “It was a once-in-a-lifetime chance.”
After he found out about WAVE, Aslim went to see the site, which was already well into construction, with occupancies slated to begin that fall. He also explored the building’s location at Garnett Janes Road in Etobicoke, across from Garnett Janes Park. Not only did he love the building itself – which features 13 storeys and 178 suites in total – but felt confident that the area was safe, an important quality for the security-minded father. It’s also close to schools, as well as shopping, dining and other amenities; and while downtown Toronto is only a 15-minute drive away, the streetcar is also easily accessible, stopping right in front WAVE’s doors. “Transit is very important because I don’t drive,” Aslim says. “The TTC drops me off just steps away from my door.”
To purchase his suite, Aslim took advantage of Daniels’ Downpayment Assistance Program, which meant that his five-percent down payment. The Federal and Provincial governments – under the Canada-Ontario Affordable Housing Program – provided a five percent loan that is payment free for 20 years. In addition, the Canada Mortgage and Housing Corporation extended the loan insurance amortization period from 25 to 35 years, resulting in a further monthly savings of approximately $100 after-tax dollars.
All of this helped Aslim accomplish his dream of homeownership. “I thank Daniels very much for what they did at WAVE for low-income people,” he says.