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.

1. 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.
Call to arrange a time to bring in your completed application, supporting documents and voucher. Each applicant will be required to sign a statutory declaration stating that all the information provided is truthful and accurate and that the applicant is 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.

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.

Eligibility

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 150 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.