The home ownership program through nonprofit social enterprise Attainable Homes Calgary Corp. is designed to ease the burden of saving to afford the full down payment on a purchase.
Program applicants can buy a home with a down payment of $2,000 but must qualify for a mortgage and not earn more than $80,000 annually. People with dependent children can earn up to $90,000.
From Jan. 1 through Dec. 18, 2015, the program sold 165 units, which is down from 196 deals during the same span a year earlier. But last year’s figures did increase from 2013, when there were 140 sales.
However, the number of people who were handed keys to homes purchased through the program picked up substantially. There were 207 possessions between Jan. 1 and Dec. 18, which is a 40 per cent hike from 148 possessions during the same days in 2014.
“There’s no doubt that in the third quarter of 2015 sales were slower, but we continued to sell,” says John Harrop, new president and CEO at Attainable Homes Calgary Corp. He took over the role from David Watson, who retired in late 2015.
“I think what’s happened is just a general nervousness in the economy,” says Harrop, assessing the downtick in sales. “Confidence is down. With that said, I think uncertain times, in a way, creates even more need for our product. “
“What ownership provides over rental is stability in life,” adds Harrop. “So as long as people are in a stable job, which of course, is not everyone these days, we provide the ability for people to know that they will be in a house and won’t have their rent increase.”
The typical age range for buyers through the home ownership program is 20 to 40 years, with 46 per cent between 30 and 39, and 32 per cent from 18 to 29.
In late 2015, Attainable announced Hopewell Residential as a partner, joining Truman Homes, Partners Development Group and Lexington Development.
This will add 14 townhouses at the company’s Chalet in Copperfield development and 10 from Sandgate at Mahogany to Attainable’s inventory this year. The program’s existing stock is in SkyView Ranch, Evanston, Glenbrook and the inner-city neighbourhoods of Mount Pleasant and Varsity.
“The benefit of having more partners is it gives us the opportunity to spread it out a bit better and match inventory to demand,” Harrop says. “We’ve had discussions with several other large builders in the city. Hopefully we can announce those partnerships next year. But they are still in the preliminary stage.”
For more information, visit attainyourhome.com