More than 100 new units are coming to Victoria as part of a partnership that aims to make homeownership more attainable for middle-income buyers.
The partnership – between the province, BC Housing and Chard Development – will see 104 units built in Haven, a six-storey condominium project at 1109 and 1115 Johnson St. The units, ranging from studio to three bedrooms, will all be reserved for families, seniors and individuals with middle incomes.
Buyers will receive a no-interest, no-monthly payment second mortgage, meant to assist buyers on the equity portion of the purchase, reduce the income required to obtain a first mortgage and reduce monthly payments.
BC Housing will administer the second mortgage for all 104 units and buyers will not need to repay the mortgage until the 25-year term limit expires or they sell the home. However, at the time of repayment, the buyer must repay the proportionate share of the current market value of the home.
“For example, if the home was purchased with a 10 per cent AHOP (Affordable Home Ownership Program) mortgage, the homeowner must repay 10 per cent of the current fair market value at the time of repayment,” the province said in a release.
That will be returned to the municipality to re-invest in affordable housing.
“Haven is our second affordable homeownership offering in partnership with BC Housing and is a reflection of our commitment to creating a diversity of housing in Victoria,” said Byron Chard, president and CEO, Chard Development. Construction is underway and expected to be completed by early 2024.
Victoria Mayor Lisa Helps added, “buildings like this give people a start getting into homeownership and frees up space in our very tight local rental market.”
Qualifying buyers cannot have a combined household income greater than $118,440 for units with less than two bedrooms, and an income of less than $168,310 for homes with two or more bedrooms and must make the unit their primary residence for the first five years.
Studios are advertised as starting at $325,000 with one-bedroom units starting at $432,000.
Display suites are open for presale, but the project is already 70 per cent sold, according to the Chard website. For more information, go to havenbychard.com. To learn more about the home-buying program, go to bchousing.org/housinghub/programs-and-eligibility.
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