Down Payment Assistance Program, What is the The Down Payment Assistance Program in region of Peel ?
The Region of Peel’s Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit with the opportunity to qualify for down payment loan assistance.
“You can own a house in Whistler at half price provided that you are employed in Whistler, This is a unique program run by the Whistler Housing Authority. They range in size from studio condos to duplexes and single family homes” say Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada.
“Would-be owners have to be employed in Whistler to buy one. Prices are allowed to increase only a certain amount per year, with the price of most units are tied the consumer price index.”
All applicants must be of legal age, Canadian citizens or landed immigrants, must be qualified employees or retirees, and must be pre-approved for a mortgage. Employees must work a minimum average of 20 hours per week within Whistler. A retiree is someone who was employed in Whistler for five of the six years prior to ceasing employment. Applicants or their spouse must not own, either personally, jointly or indirectly through a trust or business assets, any non-restricted real estate in Whistler at the time of the application.
The bottom line: the two-bedroom townhouse that could be worth about $500,000 is sold for half that. It’s a strategy that’s allowed local employees with moderate incomes to buy in, but they also don’t get cash in by capitalizing on real market values when it comes to selling their homes.
The program, launched 15 years ago, has been funded by contributions from commercial developers. There are tradeoffs, such as foregoing the chance of striking it rich in real estate. But they make other investments and still get a home in Whistler, surrounded by families who live and work there.
More info at http://www.whistlerhousing.ca/about_wha_ownership.html
If you qualify under the Wait list Guidelines and you have been pre-approved for a mortgage, you can fill out an Purchase Application. This Application is a legal statutory declaration and therefore you need to have it notarized (can be done free of charge at Municipal Hall). As well, we need proof of citizenship or landed immigrant status and proof of employment in Whistler.
Once you are on our Purchase Wait list, we will contact you when a unit comes available for purchase. Applicants are prioritized on a first-come-first-serve basis. You can view the Calendar of Open Houses under the Purchase section to see when open houses are scheduled for available units.
The Whistler Housing Authority calculates the maximum resale price using the covenant formula, and advises vendors and the purchaser of this price. You can also view the Historical Resale’s under the Purchase section to see what other units have recently sold for.
There are some units that are only occupancy restricted, which are required to be occupied by either a Whistler employee or retiree. There are also units that are both resale and occupancy restricted, which must be occupied by a Whistler employee or retiree and the resale price of the unit is controlled by the Whistler Housing Authority.
Yes, but your name will be moved to the bottom of the wait list when you purchase a unit.
In order to maintain a stock of more affordable housing in perpetuity for Whistler resident employees and retirees. The object is to start it lower and keep it low. The Whistler Housing Authority calculates a maximum resale value for every resale restricted unit. Depending on the unit, the resale appreciation is either tied to the Royal Bank of Canada prime lending rate, the Greater Vancouver Housing Price Index or the Canadian Core Consumer Price Index. All resale’s and future developments maximum resale value will be tied to Core Consumer Price Index. If the units did not have resale restrictions, they would eventually become the same price as housing in the private market due to demand.
As of 2012, there are 862 price restricted ownership units and 232 Whistler Housing Authority managed rental units. In total there are 1,875 units (5662 beds) including owned and rented units, that form Resident Restricted Inventory in Whistler.
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A tax sale is the sale of a property by municipal or government tax authorities in cases where the owner has failed to pay the outstanding property taxes.
The sale can be held by public auction, by public tender or by sealed bids.
Usually, the successful purchaser acquires nearly immediate clear title and immediate possession of the property. On occasion, the purchaser’s right to possession of the property is postponed in order to enable the delinquent taxpayer a specified period of time in which to repay the tax.
There are risks involved, but Professional Real Estate Investors who do their research are assured of returns on their investment, depending on the property. Very few legal investments can beat this guarantee. The proceeds of the sale are used to pay the unpaid taxes and other expenses that were incurred in listing the property. The balance, if any, is usually given to the delinquent taxpayer.
Occasionally, when taxes due on a property remain unpaid, the tax authority may sell, at public auction, a “lien” obtained against the delinquent taxpayer’s property.
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The successful bidder can subsequently convert this lien into ownership of the property if the sums due are not paid by the delinquent taxpayer within a specified redemption period. Professional Real Estate investors are aware of the risk and know that previous owner can redeem the property.
Each city, county, town, village, township and municipality in each province has their own way of dealing with tax defaulted property sales. Proper education can be key to the goldmine.
Simply put, tax sales are public auctions where properties are sold to the highest bidder. Throughout the year, cities, towns, villages, townships and municipalities, in each province, compile a list of properties against which taxes have been outstanding for at least two consecutive years. After this two year period, the municipal treasurer prepares a tax arrears certificate and registers it against the property in question.
This certificate gives an accurate description of the property and indicates that the land will be sold by public sale if all taxes are not paid to the municipality within one year of the registration of the certificate.
In spite of the municipality’s efforts to collect these taxes, they often go unpaid and the properties are put up for auction, allowing the public the opportunity to purchase these properties. This is how you get real bargains. Property can be bought for as low as 10cents or 20cents on the dollar. But these properties can only be purchased by informed educated Professional Real Estate investors.
Tax sale properties can be found in every province. They can include vacant lands (such as bush lots and timberland), improved lands (such as farms, cottages and houses), commercial or industrial properties, and occasionally islands. They vary from small lots to large parcels, with hundreds of acres.
First you have to know where and when the sales will take place, then you can proceed. There are two ways in which tax authorities sell properties: either by public auction or public tender, with sealed/closed bids.
There are many reasons why properties are sold for non-payment of taxes. Some of the most common ones are financial difficulties, death of an owner (with no apparent will or heir), owner living abroad and not realizing his/her obligations, owner moved and cannot be traced, disputes of ownership with no party resorting to the courts for settlement, etc…
Most tax deed sales are by competitive bid. Many Provinces only have one sale per year, Ontario has sales every month. Sheriffs may also conduct sales. In general, Canada tax sales have fewer properties than US tax sales because the Provinces can be fairly lenient on property owners. Each province handles sales differently. Tax sales are often conducted in the largest cities. You can learn more by taking Real estate Millionaire Strategies Apprenticeship (REMSA)
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The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a real estate lawyer for their opinion on your particular case.
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The PEAK Home Ownership Program — which stands for Public, Essential and Key workers — is a joint initiative with Habitat for Humanity, the Government of Alberta and the Trico Charitable Foundation.
“This is very nice program for Calgarians for the first time Home buyers and give them a head start” says Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada, “instead of renting it and not able to built equity as well as take advantage of appreciation. The carrying cost will be quite similar but pride of ownership has its own rewards”.