The affordable housing units for ownership produced under the program are non-market units created in partnership with private developers. They are not subsidized, but the price is protected in perpetuity through covenants registered on the title of the property in favour of Bowen Island Municipality.
The municipal Affordable Housing Policy #08-03 requires that every housing development that requires rezoning must create units equivalent to 15% of the gross floor areas to be sold to qualified purchasers under the terms of the Affordable Housing for Purchase Program.
The price of these units is based on the building cost of the units. Because the cost of the land is excluded, the price is lower than the market units produced in the development.
To ensure that these units continue to be available in perpetuity to qualifying purchasers who cannot afford to purchase market housing, the price at which they can be sold is based on the original purchase price adjusted to increases in the Consumer Price Index.