The Purchase Lottery was held on November 16th. Each applicant was provided their application number in advance.
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Unit #101-625 Gibson St is being sold for $195,000 as a Price Restricted Resident Restricted home.
Details on the sale are as follows:
Purchase process is detailed in the Purchase Lottery section, key details below:
Information sessions. We held two information sessions on October 28th. Please follow this link to download or view the session recording.
You can also learn more about the Price Restricted Resident Restricted homeownership program below. Key documents:
All sale proceeds will to go to funding affordable housing programs in the District.
The current Resident Restricted requirements specify that the following individuals are eligible to purchase a home:
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.
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:
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 allowed rent is also set at $925 per month, but is allowed to rise with CPI over time.
No, this is housing provided to support the people living and working in Tofino. The only exception is if you work for Island Health, Parks Canada or BC Parks, which are not located in a Municipality.
Yes. Provided you have lived in the region (Alberni Clayoquot Regional District) at least 2 of the last 3 years you are eligible because we recognize the challenge of finding housing in Tofino and realise you may have chosen to live elsewhere simply out of necessity.
If you intend to purchase the unit together (e.g. both own) then YES. If you would like to purchase the unit individually, then NO. You cannot submit both a Joint application AND an Individual application. For a joint application at least one of the two people applying must meet the Residency and Employment criteria. Maximum Income ($83,862 gross) is always by household.
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 email@example.com.
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