Price Restricted Resident Restricted Housing

The Tofino Housing Corporation has made the decision to not proceed with the construction and sale of Price Restricted Resident Restricted duplexes on Peterson Drive due to lack of households interested and able to purchase the homes. The Tofino Housing Corporation is taking time to consider how to revive or reconfigure the development of the duplex lots on Peterson Drive.

If you are interested in Price Restricted Resident Restricted housing please email TofinohousingcorpED@tofino.ca or sign up for the mailing list.

The current Resident Restricted requirements specify that the following individuals are eligible to purchase a home:

• Who are Canadian or Permanent Residents.
• Who have lived in the Alberni-Clayoquot Regional District for at least 2 of the last 3 years. 
• Who work full time in Tofino (includes Island Health, Parks Canada or BC Parks). This means working at least an average of 26 hours per week for a year (e.g. full time hours with allowance for some holiday) OR being self-employed with 90% of your income coming from a Tofino-based business. Your employer or business must hold a valid Tofino business license unless exempted (e.g. a government institution). 
• Whose household makes no more than amount applicable to the home for sale.
• That don't own any real estate and neither does their spouse or common law partner. 

The price the home can be resold for is also restricted, so the housing is not just affordable to the first buyer, but every subsequent buyer as well. The Maximum Resale Price of the home can only rise at the same rate as the Core Consumer Price Index of Canada (CPI). CPI is measure of inflation and varies from year to year. CPI has, on average, risen about 1.5% per year.  

Resale Values of Tofino Price Resident Restricted homes as of July 2022

101-605 Gibson Street: Sale Price December 2020 - $195,000, Max. Resale July 2022 - $212,923

4-625 Hellesen Drive: Sale Price October 2020 - $569,900, Max. Resale July 2022 - $620,911

21-625 Hellesen Drive: Sale Price August 2018 - $206,337, Max. Resale July 2022 - $232,305

As specified by the Housing Agreements, the District has established Resale Policy that requires the home to be sold by a Purchase Lottery (this sale AND future sales). This gives all eligible residents an equal chance to purchase the unit. In the future a Price Restricted Resident Restricted housing waitlist may be established. For more details on the Purchase Lottery please see the Purchase Lottery Policy. The Lottery and purchase process includes:

• Applications accepted at Municipal Hall by a specific date. Anyone not given an opportunity to make an Offer will have their Application Fee refunded.
• Lottery draw held on the date specified
• Once informed by email, the Lottery winner has 3 business days to make an Offer or 10 days to sign pre-sale contract.
• 460 Realty is the THC Resale Representative and will help completing the paperwork. Independent real estate or legal advice would be at the Lottery winner's cost.
• If Lottery winner doesn't produce an Offer or cannot get an accepted Offer, the next person drawn in the Lottery gets 3 business days to produce an Offer, and so on. 
• 5% of Purchase Price Deposit is due within 3 days of an Accepted Offer.
• Sale conditions must be satisfied within 15 days. 
• Purchase Fee of $4000 must be deposited with THC prior to the release of the Right of First Refusal / Option to Purchase held by the District.
• NOTE: There are certain conditions that are required to be included and certain conditions that cannot be included in the Contract of Purchase and Sale. See the Buyer's Guide.

Since the home is designed to be an affordable place to live for a Tofitian household, there are restrictions on an owner being able to rent and vacation rental is absolutely forbidden. The home may be rented for no more than 1 period of time every 5 years, for up to 12 months. For example, you would not be able to rent this unit for 2 months every year. The permitted rent is set within the Housing Agreement, but is allowed to rise with CPI over time.

If you are self employed you must have a Business License from the District of Tofino. Visit Municipal Hall to make a Business License application.

Discuss this with your financial institution, but they need to be aware that the only individuals that can be on title are individuals that meet the Residency and Employment criteria or an individual's spouse or common-law partner. 

Please read the Buyers's Guide, Resale Policy and Purchase Lottery Policy (see below). If  your question still has not been answered, please email Ian Scott at execdirec@tofinohousingcorp.ca.