The land is being cleared for the new development in Tumbler Ridge; and these townhomes come with a very interesting perk.
The area is on the middle bench, on Willow, next to the Jehovah Witness’ church.
Jennifer Marsel from Royal LePage says, “We’ve never seen anything close to this in Tumbler Ridge. They’ve done it more in the Okanogan and down south.”
But what is it, you ask?
Well $35,000 towards the purchase of a new home in Willow Estates.
The town homes themselves are listed between $349,000 and $354,900 depending on whether it is an end unit or not. The developers have committed to building eight units and if all goes well, there are another 15 slated.
Marsel says, “The really exciting part of it is the free down payment. They give a ten percent grant, $35,000 per unit and it doesn’t have to be paid back. That’s huge.”
So who are these magical people who are handing out down payments?
Marsel says, “It’s a housing program, called We Build. It doesn’t apply to any other housing in town. Our buyers would have to apply for the grant through We Build, to get the $35,000 and then that goes towards their purchase price. The funds come from the developer, the builder, even us; we give back to the grant in order for it to work. Then it goes through Sustainability Support Services.”
Sustainability Support Services Inc. is an arm of the Fresh Outlook Foundation, a registered charity created in 2007 to support communities through their growth and sustainability.
In order to qualify for the grant, eligibility is based on a few factors, such as current debt, credit rating and income. The information provided about We Build explains buyers should have a combined yearly income of about $60,000 and should be able to cover a monthly mortgage payment of about $1,450.
Though the down payment is free, buyers will still need to pay for their legal fees, property transfer taxes and property insurance. The net GST will also apply.
There is one buyer on their way to being approved for this grant in Tumbler. Marsel says, “We just have one client right now and they are looking pretty great at being approved. The next step would be to go to the broker. The first one is going to be a little tougher to get going and get through. Unless someone has large amounts of money in their bank account or own like 20 other properties, then it looks pretty good for the qualifications.”
The builder of the properties is Builder 0955535 BC Limited.
These new properties come at an interesting time for the town in terms of real estate. Marsel says, “There are 37 houses for sale in town but some have accepted offers on them. I would say it’s a lot of the people who are here, who have been renting that are saying ok, now it’s time to buy before things go crazy.” One of the properties, which has an accepted offer is the Sanctuary Valley land, about 200 acres just outside of town. For more information about the We Build grant or to fill out an application, visit www.tumblerridgehomes.ca.