Click “Get Started”
Gets you registered with us
Connects you with partnered mortgage specialists
Provides required online education
While you’re waiting for your mortgage pre-approval, click through our available homes.
Select your new home!
You pay $2,000. We loan the rest of your down payment.
Enjoy the stability and security of owning your own home!
IF you exit the program, you pay back the down payment loan and share a portion of the appreciation (growth in the value of the home).
We are a non-profit/social enterprise that operates through special government legislation allowing us to assist moderate-income Calgarians. We were created, and are still owned by, The City of Calgary although we operate completely independently. The way our program is designed allows us to continue helping more and more people.
The banks require 5% of the purchase price of the home in the form of a down payment. You pay just $2,000. We loan the remainder to get you to the 5% (it’s basically 5% – $2,000). There is no interest on the loan!
Qualifying for a mortgage is done by our banking/lending partners. Based on current interest rates and based on the lowest-priced home in our program, you would need a HOUSEHOLD income of at least $45,000 to qualify for a mortgage.
We do remain on the legal title of the home with you. However, you are the primary homeowner and can take pride in knowing that your home is your own.
Clicking “Get Started” is where to start. The registration tool adds you to our list so that we know you’re interested in homeownership. It also connects you with our mortgage
specialists. Knowing the value of the mortgage you are pre-approved for will help you to manage your expectations. We have a wide variety of home styles and prices and it’s easier to shop when you know what the banks will cover.
There are no minimum or maximum time requirements tied to your ownership. You can live in the home for as long or as little as you choose. If you sell your home or simply wish to exit the program, you would pay to have an appraisal done to determine the market value of the home. You would pay back the down payment loan (interest free) and then share a portion of the appreciation (as determined by the appraisal) to pay-it-forward to more Calgarians like yourself. The amount that’s shared is determined by a shared appreciation calendar described below.
This is determined by how long you’ve owned your home. The program is designed to encourage people to live in their home for at least the same duration as their mortgage term which is five years. This prevents you from having to pay bank penalties for exiting your mortgage early. It also gives your home the best chance to grow in value. If you stay in your home for more than five years, you keep 75% of the appreciation and we take 25%. If you exit the program earlier, your share of appreciation is determined by the following calendar:
|Years of Ownership*||Your Share of the Home’s Appreciation|
All our homes allow pets. However, the individual properties and their bylaws determine exactly what types of pets are allowed. Sometimes they restrict how many pets and their size. Typically, townhomes have fewer restrictions than apartments.
Yes, all our homes are condominiums and require monthly condo fees. The fees are determined by the size of your home and the building’s annual operating budget. The fees go toward operating and maintaining common areas, snow and garbage removal and landscaping. Note that in apartment-style condos the fees typically include utility costs for heat, hot water and waste. The fees also build a reserve fund used to pay for future repairs such as roof, siding, fencing or replacing a boiler. If you owned a single-family detached home, you would be responsible for all of these things on your own.
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