LOOKING TO OWN
VITAL HOMES HOMEOWNERSHIP PROGRAM ELIGIBILITY CRITERIA CHANGES-2023
Effective January 1st, 2023, the Net Asset Limit criteria will be eliminated. The gross household income threshold (2022:$147,423) will also be increased to $250,000. These criteria changes will be applied to all new Vital Homes Home Ownership applications , and to all ongoing Eligibility Criteria Confirmations (ECC) for existing Waitlist households. For clarity, existing Waitlist households will no longer need to provide documentation to determine Net Assets, and the $250,000 gross household income threshold will apply in the ECC process.
Specific to the Vital Homes Home Ownership program, the connection to Canmore eligibility criteria remains as follows:
Canmore Permanent Employee: working or contracted to work a minimum average of 30 hours per week in Canmore for a Canmore licensed business for a minimum of six months.
Canmore Employment & Residency: a Canmore resident for the past year AND currently employed (20+ hrs/week) OR self-employed in Canmore for at least six months OR a retiree with at least five years of Canmore work experience in the 10 years prior to retirement.
Long Term Canmore Resident: Long-term Canmore resident, currently residing in Canmore and have been a resident for at least five cumulative years within the last 10 years.
Buying a home is one of the biggest financial and lifestyle decisions you will ever make. Be sure that you are prepared and fully informed. If you are ready to buy a home, and are interested in CCH’s Vital Homes program (previously called Perpetually Affordable Housing), follow these steps to apply.
1. Attend a Vital Homes Ownership Information Session.
CCH provides Ownership Information Sessions one time per month from 12:05 to 12:55 p.m. All sessions are held via the Microsoft Teams platform.
Our Information sessions take place on the first Wednesday of each month. Our next sessions are February 7th, March 6th and April 3rd.
You must register for these sessions please contact firstname.lastname@example.org and indicate which session you would like to be registered for.
2. Speak with a lender and request a mortgage pre-qualification letter.
CCH can provide you with a list of banks and mortgage brokers familiar with the Vital Homes program. Talking to a lender will help you determine if you are financially ready to buy a home and what you need to do to achieve your homeownership goals. CCH encourages anyone looking to buy now or in the future to apply now to get on the waiting list.
3. Complete the application form and gather your documents.
Every adult to be registered on title as owner must complete and sign the application form. Use a second form if more than two adults are applying. The eligibility criteria and supporting documentation required to apply are specified in each section of the application as well as on the Document Checklist. If your circumstances are unusual, or if you are unsure about a section of the form, please call our office and we will be pleased to assist you. We recommend that you contact us with any questions in advance of submitting your application, so if additional documentation is required, you have time to obtain it. Unfortunately, incomplete applications will not be accepted.
4. Make an appointment with CCH to submit your application.
Call to arrange a time to bring in your completed application, and supporting documents. Each applicant will be required to sign a statutory declaration stating that all the information provided is truthful and accurate and that the applicant(s) is/are aware of the terms and conditions of the program. Plan to spend up to an hour in the meeting and for all applicants to attend. Once your application has been received, it will be processed in 7-10 business days pending all information is submitted and references can be contacted. CCH does not accept electronic applications, all applications must be submitted in-person.
5. Get on the waitlist
CCH reviews all completed applications and verifies the information. Once you have been approved, CCH provides you with an approval letter and places you on the Vital Homes Own Waitlist. We will contact you when a Vital Homes Property becomes available for purchase.
*Please note that incomplete applications will not be accepted.
To qualify for a Vital Homes unit with CCH, your household must meet specific criteria. Please review the criteria below to determine if you are eligible to apply.
1. You must be a Canadian Citizen or Permanent Resident.
2. One of the following three employment/residency categories must apply to your circumstances.
- Canmore Permanent Employee: Currently working at least 30 hours per week in permanent employment with a licensed Canmore business for at least 6 months.
- Canmore Employment & Residency: Currently live in Canmore and shall have lived in Canmore for at least 12 months prior to possession of a Vital Homes home AND be one of the following:
- employee working in Canmore for a licensed Canmore business at least 20 hours per week for at least 6 months; or
- self-employed person with a Canmore business license or recognized equivalent performing services for the business for at least 6 months; or
3. retiree with at least 60 months of Canmore work experience within the 10 years prior to retirement.
- Long Term Canmore Resident: Currently live in Canmore and shall have lived in Canmore for at least 60 months prior to taking possession of a Vital Homes home. The residency requirement may be fulfilled through cumulative or consecutive months within the last 10 years
3. Your gross household income must be $250,000 or less in the previous tax year as reported on Line 15000 of your CRA Tax Notice of Assessment.
If you meet all of the eligibility criteria above, then you are likely eligible to purchase a Vital Homes property, pending availability of homes and your ability to qualify for mortgage financing.