BC Housing’s Affordable Home Ownership Program (AHOP) has made a big impact on Victorians working to turn their homeownership dreams into reality.

 

As outlined in an article published by Citified on AHOP, BC Housing's innovative solution to housing affordability was created to help moderate-income households bridge the gap between renting and buying a home, through down payment assistance and lower monthly mortgage payments.

 

BC Housing’s AHOP program is currently only available in Victoria at a Fernwood condominium development known as Haven (see website | see Citified profile), that reached occupancy in 2024.

 

Haven, from Chard Development, is move in-ready along the 1100-block of Johnson Street just east of Cook Street. Of its 104 suites, only three homes remain for sale, and the opportunity to acquire a new-build residence with the support of AHOP, is a rare opportunity for affordable homeownership in one of the most expensive real-estate markets in North America.

 

Envisioned specifically within the context of AHOP, Haven’s condominiums drew a significant amount of interest among individuals who made the leap into homeownership during the project’s construction phase, pushing Haven’s sold status to 97%.

 

“The AHOP program has been one of the most comprehensive affordable homeownership initiatives in Victoria, and given the high cost of delivering new housing on the south Island, financial assistance in the form of a down payment boost from BC Housing has piqued a lot of interest from buyers of all ages,” said Byron Chard, President and CEO of Chard Development.

 

BC Housing’s AHOP program matches a purchaser’s 10% down payment with an additional 10%, allowing the purchaser to apply for a mortgage as though a 20% down payment has been secured. This additional down payment can make the difference between a would-be buyer qualifying for a mortgage, or having to delay homeownership in order to amass more funds. A 20% down payment also frees the purchaser from paying Canada Mortgage & Housing Corporation (CMHC) insurance premiums, which help with the mortgage qualification process by further lowering the monthly mortgage cost.

 

In order to qualify, buyers must reside in BC and cannot currently own real-estate anywhere in the world. Their household income must fall below a threshold set by BC Housing based on the 75th income percentile for BC households. This means that to purchase a one-bedroom home, a household must earn below $131,950 per year. For a two-bedroom home, household income may not exceed $191,910 per year.

 

Victoria resident David Castelló is one of Haven’s purchasers. Prior to learning about the AHOP program and its availability at Haven, Castelló had difficulty bridging homeownership with the cost realities.

 

“The reality was that I didn’t feel like I could possibly look at these suites realistically, until hearing about the program with BC Housing. With the combined support of the BC Housing program, the Chard Sales Team, and in-office mortgage specialists, we determined what would be realistic for me,” Castelló, who works for the public service said. “Through BC Housing's 10% match to my 10% deposit, I effectively gained the purchasing power of a 20% down payment, something that wouldn't have been possible otherwise.”

 

Chard Development says Castelló’s story is a common one for purchasers at Haven and would-be buyers working through the AHOP process.

 

“The 10% down payment assistance is a game changer for individuals who have been saving for a down payment, but ultimately end up chasing the market as costs rise,” Chard said. “Working with BC Housing, we recognized that Haven could play a role in assisting would-be buyers with entering the housing market, and these efforts have had a profound impact on people’s lives.”

 

Chard notes several common questions shared by visitors to Haven’s presentation centre focus on BC Housing’s 10% equity stake when it comes time to sell the home, and what restrictions are in place following occupancy.

 

With respect to a home sale, the developer says AHOP’s rules require the purchaser to pay back BC Housing their 10% equity stake based on the value of the home at the time of sale. At Chard’s Haven project, BC Housing’s equity will be re-allocated to the City of Victoria’s Housing Reserve Fund for affordable housing initiatives as a way for buyers to ‘pay it forward’ after getting a leg-up through the program.

 

For example, if after two years of homeownership, a purchaser sells a home originally purchased for $430,000 for an increased value of $475,000, the repayment to BC Housing would be $47,500. Under AHOP’s rules, a purchaser must repay BC Housing if they sell their home, or after 25 years. After five years or ownership, home owners are free to rent their homes.

 

Castelló says the equity share with BC Housing sharing ownership of the suite is “a small trade off for the long-term benefits,” and notes that “the 10% stake is something I can address when the time is financially right. Once I weighed the benefits against the compromises, the decision to purchase was clear. I haven't looked back since.”

 

Meanwhile, the fundamental benefit of an affordable home ownership program with a matched down payment, Chard reiterates, is access to one of the most desirable real-estate markets in Canada for a larger pool of buyers.

 

To learn more about Haven and how to qualify for a condominium purchase under the AHOP program, connect with Chard Development by calling 250-590-9940, or visit the project website here. C

 

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