Main How it Works
How it Works
Over the last few years, housing prices have increased significantly yet Calgarians' earnings haven't kept pace. This has created an affordability gap. High rent payments and other monthly expenses leave little to no ability for many people to save for a down-payment and own a home. Attainable Homes Calgary is here to bridge the affordability gap and help hard working, middle-income earners like you, get out of renting and into home ownership.
Our Program
Through our program, we do three things a bit differently in order to provide Calgarians with attainable homes:
We partner with reputable local builders to provide condominiums and townhouses at a price that is attainable for middle income Calgarians. We define 'middle income' as having an annual household income under $80,400.
We give you the required down-payment (yes, it's a gift!) and guide you through the entire purchase process. You will need to come up with $2,000 of your own money as a deposit, which is put towards the purchase price of your home.
We re-invest a portion of your home's appreciation back into the Attainable Homes program to help other Calgarians buy a home. You have the freedom to sell your home at anytime.
Let's work through an example:
$240,000 Home at Market Value
Attainable Home purchase price $220,000
Less 5% gifted down-payment* from AHCC ($11,000)
Your cost $209,000
Your minimum deposit $ 2,000
Your mortgage (from lender) $207,000
*the gifted down-payment becomes a forgivable loan.
When you decide to sell your AHCC home, you and AHCC share the appreciation in value ( you keep more, the longer you own your home):
Years of Ownership Appreciation to Home Owner
0 - 1 year 0%
1 - 2 years 25%
2 - 3 years 50%
3+ years 75%
Let's say you stay in your AHCC home for four years and the appraised value is now $254,700.
Market Value of your AHCC home $254,700
Less your original deposit $ 2,000
Less your first mortgage amount $207,000
Appreciation $ 45,700
Your share of the $45,700 appreciation would be $34,275 (or 75%).
Our share of the appreciation, which we'll reinvest in the program would be $11,425 (or 25%).
What a great opportunity... everyone wins!
Get on the path to home ownership! For more information or to book an appointment with a member of our sales team, contact us!
Fill out the form below - it only takes a few minutes and really helps us understand your needs. Register for an information and home education session Complete the application form, print it and take it to the bank. AHCC works with a preferred pool of lenders who offer discounted mortgage rates. Get pre-qualified for your mortgage, and bring bank-authorized application form with a $100 non-refundable
processing fee to our office. Choose your new home, sign a purchase agreement, and get ready for your new life to begin!!
