Housing units purchased under the program are available to qualifying purchasers at a price that is often well below the market price of comparable units.
Although the owners of these units do not have the opportunity to benefit from the potential capital gain on sales of market units, they enjoy three important benefits:
- They are able to build equity in their home through the re-payment of the mortgage;
- They have security of tenure as owners; and
- They are able to make modifications and changes in their homes to suit their needs.
The program is intended for households that are eligible for mortgage financing to purchase a unit, but are unable to find a market unit in their price range. Often, their only option is to continue to rent. This program provides an alternative form of housing ownership and security.
The program is adapted to Bowen Island’s needs from the Whistler model of work force housing, which has produced thousands of affordable non-market units for both ownership and rental. More information is available at the Whistler Housing Authority website.