LOOKING TO OWN
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.
21. Attend a Vital Homes Ownership Information Session.
CCH typically provides Ownership Information Sessions on the first Wednesday of every month from 12:10 to 12:50 p.m. at the CCH Office. Due to current restrictions, please contact Erik@canmorehousing.ca for information on the next session date and time. All attendees will receive a voucher equal to the $100 application fee. Registration is required.
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.
During the COVID-19 Pandemic in order to best respect social protocols in place, CCH is accepting applications electronically. Please submit all of your documentation to firstname.lastname@example.org. Once your application has been received, the Own Administrator will be in contact with you to book an in person Zoom meeting to complete the application process. If you are unable to submit an application electronically please contact Erik Butenschon, Manager of Housing Programs at 403-609-9983 ext. 102, to make other arrangements.
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.
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: working or contracted to work a minimum average of 30 hours per week in Canmore for a Canmore licenced 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 5 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 5 cumulative years within the last 10 years.
3. Your gross household income must be $140,400 or less in the previous tax year as reported on Line 15000 of your CRA Tax Notice of Assessment.
4. Excluding registered retirement and education savings plans, registered retirement income fund, pension plans and the value of one vehicle (lesser value of multiple vehicles), your net household assets must be less than $136,650.
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.