First-time homebuyers are now eligible for a tax-free purchase on two move in-ready residences at Haven, a newly-completed, six-storey BC Housing-backed affordable condominium building on Johnson Street at Cook Street.

 

The available layouts – a one-bedroom priced at $444,900 and a two-bedroom available for $629,900, both with parking, storage and bicycle storage included – already sidestep the property transfer tax, and now, will not be levied a 5% GST purchase tax traditionally applied to new-build housing, according to homebuilder Chard Development, which completed Haven in 2024 (see Haven's website; view Citified's Haven profile).

 

“Haven has been a helpful leg-up to homeownership for over 100 purchasers, and as of this spring, our remaining two homes qualify for a newly unveiled no-GST federal program that equals to a 5% savings,” says developer Byron Chard, President and CEO of Chard Development.

 

With the federal taxation break, on a $445,000 purchase at Haven, a first-time homebuyer will now save over $22,000 in GST, and maintain a ‘no property transfer tax’ status of around half that amount. On top of that savings, BC Housing will then provide a 10% down payment top-up to help purchasers reach a 20% down payment. More on that program below.

 

104-suite Haven got underway in 2022, and together with its 12-storey neighbour Nest, reached occupancy last year. The condominiums have been wildly successful pre-sale efforts that saw uptake reach well over 90% prior to construction completion, and between them, only four homes remain for purchase today (two at Haven, two at Nest).

 

For first-time buyers, not only is the BC Housing-supported affordability program (known as the Affordable Home Ownership Program, or AHOP) such a big deal, Haven’s new home 2-5-10 warranty only available on newly-completed condominiums adds significant peace of mind for a ten year period, Chard says.

 

“While the AHOP partnership with BC Housing is an immensely meaningful program that not only helps lower monthly mortgage costs, avoids homebuyers having to purchase mortgage insurance and contributes 10% towards the down payment, the new home warranty at Haven is itself a valuable asset, and only available when buying a new home in a newly constructed project. At Haven, our purchasers are protected for a ten year period, and that in itself is a significant benefit to choosing a new-build over older condominium inventory.”

 

As for the affordability aspect of Haven, the development was conceived from the ground up within the context of the Affordable Home Ownership Program, and its 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 piqued a lot of interest from buyers of all ages,” said Chard.

 

How it works, is AHOP 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.

 

Haven's exterior, as seen on Johnson Street just east of Cook Street in Victoria's Fernwood neighbourhood.  Chard Development

 

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. Castelló provided his feedback to Citified on Haven’s homebuying process in early 2025.

 

“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, that several common questions shared by prospective buyers at Haven 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 building, 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 $445,000 for an increased value of $500,000, the repayment to BC Housing would be $50,000. Under AHOP’s rules, a purchaser must repay BC Housing if they sell their home, or after 25 years. And after five years of 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 250-891-5667, or visit the project website here. C

 

Citified, founded in 2015, is a market leader on the south Island for construction data and metrics, market intelligence, marketing solutions for the real-estate development industry and development application consulting services. C

 

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