Alberta Real Estate News: Calgary’s Attainable Homes Program Can Help You Buy a Home!

Is buying a home becoming less affordable in the province of Alberta? It’s certainly become a popular destination with the emergence of the “move-over buyer” trend whereby homebuyers are moving away from pricier provinces like BC and Ontario, in favour of Wild Rose Country.

Much like the rest of the Canadian real estate market, tight supply has been a factor, and as demand rises, typically prices do as well. We’re already seeing the trend materialize in Calgary.

Does this mean that home ownership could be out of reach for many homebuyers in cities such as Calgary? While prices may be turning upward, the dream of buying a house, townhome or condo in Calgary is still achievable.

Alberta Real Estate News: Calgary’s Attainable Homes Program Can Help You Buy a Home!

Attainable Homes Calgary is a non-profit organization created and owned by the City. It was launched in 2009 when then-Mayor Dave Bronconnier noticed the home ownership gap and the number of households priced out of the market.

The primary objective became to assist middle-income Calgarians to purchase a home. Over the last decade, the initiative has become so successful that the program has now partnered with nearly a dozen builders, eight financial institutions, seven law firms and three mortgage insurers.

“So, if moderate-income Calgarians (who do not currently own a home) want to buy one, why aren’t they? Not shockingly, the reasons are financially based: they don’t think they can afford the costs of home ownership; they can’t save a down payment, and they believe prices are too high,” the organization said in a news release.

Attainable Homes Calgary helps resolve this common setback.

So, how does it work? Here is a step-by-step process:

• Get started by registering with Attain Your Home.
• Connect with mortgage specialists and go through online education.
• Receive your pre-approved mortgage.
• Browse through the list of available homes and pick which one you like.
• Pay $2,000 and receive the rest of the down payment from the program.

That’s it. If you choose to leave the program, you can pay back the down payment loan and receive a portion of the appreciation growth in the home’s value.

Who qualifies? Here is a breakdown of eligibility (at the time of publishing, valid in 2022):

• Families: Maximum annual household income of $104,000.
• Couples: Maximum annual household income of $94,000 without children living at home.
• Individuals: Maximum annual income of $84,000.
• Assets: Your assets are less than 20 per cent of the home’s purchase price and up to a maximum of $50,000.
• Residence: Your home will be your permanent and only residence.

When you’re ready to enter into home ownership, let a RE/MAX agent help get you there.

Sources:

• AREA
• AHC