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The Daniels Corporation

An innovative collaboration in affordable homeownership

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An innovative collaboration in affordable homeownership

Photograpy courtesy of Arthur Mola Photography

In a transformational private/public collaboration of city building in Toronto, The Daniels Corporation, together with their partner Diamond Corp., broke ground on a new 3.6-acre condominium community at 5131 Sheppard Avenue East called Daniels FirstHome Markham Sheppard.

Purchased from Build Toronto, the lands will be transformed into a community of 328 contemporary midrise condominium suites and townhomes designed with first-time buyers in mind. These lands were tendered for sale incorporating a mandate to provide 30 per cent affordable ownership housing within the entire community – demonstrating that significant long-term value can be achieved through intentional disposition of public assets.

At Daniels FirstHome Markham Sheppard, purchasers can take advantage of a unique 5 per cent Gradual Deposit Payment Plan, which involves monthly deposit installments until 5 per cent of the purchase price is achieved before moving in.

In addition, Daniels has drawn on its extensive affordable housing experience to create the First Home BOOST, a down payment assistance program for the 30 per cent of the homes that will be financially accessible. Designed to help first-time buyers with an annual household income that does not exceed $90,500, eligible purchasers may qualify for an interest and payment-free second mortgage for over 10 per cent of the purchase price, boosting their 5 per cent deposit to over a 15 per cent down payment.

The second mortgage will be held by the City of Toronto and will be repaid, along with a percentage of capital appreciation, when the unit is resold, making this a sustainable program. Funds for the First Home BOOST down payment assistance program are provided by the federal and provincial governments and administered through the City of Toronto’s Affordable Housing Office.

Build Toronto worked with the Affordable Housing Office collaboratively to assist in securing 30 per cent affordable ownership housing on the property, contributing $1.6 million dollars towards the down payment assistance.

“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,” said Niall Haggart, executive vice president of The Daniels Corporation. “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. Daniels, together with our partner 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.”

From left, Councillors Neethan Shan and Ana Bailo, Toronto Mayor John Tory, Niall Haggart of The Daniels Corporation, Bob Blazevski of Diamond Corp., Councillor David Shiner and and Simona Annibale of The Daniels Corporation.
From left, Councillors Neethan Shan and Ana Bailo, Toronto Mayor John Tory, Niall Haggart of The Daniels Corporation, Bob Blazevski of Diamond Corp., Councillor David Shiner and and Simona Annibale of The Daniels Corporation.

“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,” said Toronto Mayor John Tory. “The City invested $7.7 million to provide down-payment assistance loans to nearly 100 eligible families at 5131 Sheppard Avenue.

“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,” said Councillor David Shiner (Ward 24 Willowdale), chairman of the board at Build Toronto and chairman 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. 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.”

Homes at FirstHome Markham Sheppard will be priced from the $290,000s and will include three six-storey condominiums, with a total of 228 suites ranging from 443-square-foot studios to 1,053-square-foot three-bedroom layouts. There will also be 100 one-storey and two-storey townhomes, in one-, two- and three-bedroom designs ranging from 528 to 1,172 square feet.

Changes to the Ontario Building Code in 2016 mean that the three midrise condominiums will be built utilizing wood-frame construction, making this the first community in the GTA to have wood-frame residences, which will provide a more cost-effective construction methodology.

Another innovative way Daniels will be keeping these homes financially attainable is to build them before the launch of sales. This approach has been successful with Daniels’ previous 15 FirstHome communities, which have almost always sold out within hours of going on sale. Building before selling also enables purchasers to walk through a model of each home type before making their decision, and owners can move in as early as 60, 90 and 120 days.

Construction is underway and first move-ins are scheduled for spring 2019. In the summer of 2018, Daniels will release a select number of homes for sale to those who qualify for the BOOST program.

FirstHome Markham Sheppard is located at the southeast corner of Markham Road and Sheppard Avenue East, minutes to Centennial College, Highway 401 and the TTC. It is surrounded by local amenities including parks, shops and dining. Understanding that becoming a homeowner is a big step that requires careful planning, Daniels will be hosting Homeownership 101, a financial planning workshops this fall.

markhamsheppard.com



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First-time homebuyer loves his Daniels’ FirstHome

First-time homebuyer loves his Daniels’ FirstHome

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First-time homebuyer loves his Daniels’ FirstHome

Chris Nobes was driving to work in Brampton and saw the sign for Daniels FirstHome Sunny Meadow, The Daniels Corporation’s newest community of fully-built condominium walk-up and back-to-back townhomes designed specifically for first-time homebuyers. He had heard about the community from a friend and decided to register.

“I had saved enough money to consider buying and I was happy to get an invitation to the Preview Event. Once I saw what Daniels was offering, I realized what a great opportunity it was.”

Chris Nobes
Chris Nobes

Situated at Sunny Meadow Boulevard and Sandalwood Parkway, Daniels FirstHome Sunny Meadow is close to where Nobes lives and only minutes to where he works as an IT coordinator in Mississauga. He already knows the area well and appreciates the community’s proximity to parks, schools, Professor’s Lake and quick access to Highway 410.

The turnout for the Preview Event was phenomenal, especially as Daniels pre-builds its FirstHome Communities before going on sale.

“I waited in line, and I have to say everyone was very nice, including the Daniels sales staff,” he says.

Nobes and the other registrants were able to tour a model of each design before deciding, plus buyers can move in within 60, 90 and 120 days. “It helped 100 per cent to walk through the models and to know for sure the space will work for what I want.”

Nobes fell in love with the one-bedroom model because of its open concept layout. “I got on the waiting list for it and when they called to say I could buy it, I answered ‘Let’s do this!’ ” he said.

Nobes is looking forward to moving into his home this summer. “It gives me time to get my finances in order and look around at furniture.”

He was also delighted with the care the Daniels team took in explaining everything about the home purchase to him. “They made it all clear, and without any pressure. They actually made buying easy.”

Daniels enables first-time buyers to purchase with only 5 per cent down. Through its unique Gradual Deposit Payment Plan, purchasers are required to pay only $3,000 with the Agreement of Purchase and Sale, another $3,000 within 10 days of the purchase and then $1,000 every month until they reach 5 per cent of the purchase price or final closing. Daniels also works with financial institutions to cap the mortgage rate, making qualifying for a mortgage more accessible, and helping to keep overall monthly carrying costs low.

Named the 2016 Ontario Highrise Builder of the Year at the Tarion Homeowners’ Choice Awards, The Daniels Corporation is one of Canada’s preeminent builder/developers, building more than 26,000 new homes across the GTA for over 34 years. Among its many initiatives, Daniels was chosen to partner with Toronto Community Housing to revitalize Regent Park, 69 acres in Toronto’s Downtown East. Committed to community, Daniels offers innovative programs that help people achieve homeownership, champions neighbourhood initiatives that enhance quality of life and supports numerous charities and non-profit organizations.

To become part of Sunny Meadow, hurry into the sales office at 250 Sunny Meadow Boulevard,
Monday to Wednesday from 12 to 8 p.m.;
weekends noon to 6 p.m.;
Call 905-460-9308.

danielsfirsthome.ca

danielshomes.ca


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