You, as a homeowner, contribute $2,000 and we provide the rest to get the required 5% down payment.
One significant barrier to homeownership for many moderate-income Calgarians is the down payment. We remove this barrier through an investment partnership. You, as a homeowner, contribute $2,000 and we provide the rest to get the required 5% down payment. You live in your home as long as you want.
If and when you sell your home, that’s when a portion of the home’s appreciation goes back into the program to pay it forward to future participants. The longer you live in your home, the larger your share up to a maximum of 75%.
Maximum household income of $103,000/year with children living in the home.
This means primary income earners in the home collectively must earn below $103,000 (before taxes).
Maximum household income of $93,000/year without children living in the home.
This means primary income earners in the home must collectively earn below $93,000 (before taxes).
Maximum income of $83,000/year.
This means your income must be below $83,000 (before taxes)
Assets are less than 20% of the home’s purchase price, up to a maximum of $50,000 (Don’t worry; your primary vehicle, RESP, RRSP, or pension don’t count against you)
You can qualify for a mortgage and put $2,000 of your own money down
You complete our home education session
Your home will be your permanent and only residence
You never have to sell your home. But if you choose to, that’s when we share in the home’s appreciation with you. If you live in your home for more than three years, you will keep three quarters of the increase in your home’s value. The portion we take is to help pay it forward to future program participants.
|Years of Ownership*||Your Share of the Home’s Appreciation|
Sometimes it’s easier to understand how the program works when we walk through an example. Below is an example showing the financials involved in buying your Attainable Home and eventually selling it if you so choose.
|Purchase Your Attainable Home|
|Down payment from you:||$2,000|
|Gifted down payment we provide:||$9,000 (5% - $2,000)|
|Mortgage provided by a bank:||$209,000|
|Selling Your Attainable Home (Example: after five years with an appraised value of $254,700)|
|Market value of your attainable home:||$254,700|
|Minus your original deposit:||$2,000|
|Minus your mortgage amount:||$209,000|
|Appreciation (increase in value)||$43,700|
Our Attainable Homes program helps you out with the down payment: you contribute $2,000 and we’ll pay the rest! From there it’s all about sharing; if and when you sell your home, the growth in the home’s value (the appreciation) is split between you and us. The longer you live in your home, the more you keep. We put our portion back into the program to provide more homeownership opportunities for Calgarians. Pick from a range of apartment and townhome condominiums throughout Calgary. It’s an investment you can feel great about.