Frances Nunziata’s email circular announced a new proposed development
in Weston: The Humber.
The affordable condominium complex is proposed for 10 Wilby Crescent, near the river and Lions Park. If that address rings a bell, it’s because The Riverstone, a smaller, 10-storey development, was proposed for the location several years ago.
To make the homes affordable, UrbanToronto says that the developer will minimize common amenities and use an unusual financing model:
The condominium units are sold at cost …. Options for Homes retains a second mortgage equal to the difference between the condominium unit’s market value and its purchase price. Condominium buyers do not make payments on the second mortgage but instead repay it when the unit is sold, which deters “buy and flip” speculators.. Options for Homes shares in the market appreciation of units in proportion to the value of the second mortgage.