The impact of HOA is especially beneficial to low and moderate income households, a segment whose needs the conventional housing industry and the social housing sector do not address. Since its inception, HOA has helped thousands of low and moderate income households become homeowners. In HOA’s three most recent developments in the Greater Toronto Area, purchasers’ median income was $50,000. Over 75% of HOA’s buyers had incomes below $67,400, the Toronto median income at the time.
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HOA is able to achieve such results because of its novel financing approach and dedication to making homeownership affordable. HOA’s primary objective is affordability. This contrasts sharply with the conventional housing development industry where the primary objective is profitability, leading to ever higher home prices.
