Thursday June 22, 2023 | LANGFORD, BC
by Mary P Brooke | Island Social Trends
Helping middle-income Langford residents get into the home ownership market is the goal of the city’s Attainable Home Ownership Program (AHOP).
The previously-launched program has been relaunched this month with responsiveness to the higher rate of inflation (which is pushing up mortgage costs) and the overall higher cost of housing compared to last year.
Today at Trailside at the Lake — one of the condo buildings in the program — city staffer Terri Foggitt explained program details, followed by comments from Langford Mayor Scott Goodmanson and Realtor Mike Hartshorne.
Mayor Goodmanson said today that “affordable and attainable housing remains a priority” of his council and that the city will be “working with developers” to continue finding options for residents.
Arguably, local developer Jim Hartshorne — whose leadership fingerprints are all over this initiative — is to be commended for stepping up to do what Keycorp and Seacliff Properties can. His son Mike Hartshorne told Island Social Trends today that the diminished profits on the attainable units is part of the development community doing what it can.
But the skyrocketing cost of living and more specifically housing is a tough nut to crack. Even with a comfortable middle-class income, buying into the housing marketing is increasingly difficult for many.
Open house on June 24:
They also announced a two-hour window for public tours of the AHOP available units, coming up this Saturday June 24, from 11 am to 1 pm.
The building is located at the end of Goldstream Avenue, and there is plenty of parking. The building backs onto the noise of Highway 1, with building amenities angled toward the view side of the building. Apparently the building has additional soundproofing. Units have ‘air cooling’ and there is the option to acquire EV-charging.
Anyone who has lived in Langford for at least six months is eligible to apply for this program.
There are eight units in the Phase One building that are available under the AHOP initiative. At present, the overall AHOP program has 37 units between other buildings at Trailside and at The Scene building downtown. Developers behind these projects are Keycorp Developments and Seacliff Properties.
Move-in to these first units is aiming for late December of early January 2024. Phase Two units are aiming for spring 2024.
Mortgage sensitivity:
At an information session back on June 7, it was emphasized that buy-in is on a first-come, first-served basis.
At the June 7 session, a TD Canada Trust mortgage representative indicated awareness of price sensitivity and how it’s becoming increasingly difficult for people to buy into the market.
Price point:
Household income for any AHOP units needs to be at least in the $120,000 per year range. The program helps residents quality for down-payment assistance. The condo unit price-point is set at $399,000 for 1-bdrm, 1-bath, and at $450,000 for 2-bdrm, 2-bath. When there are 3-bdrm, 2-bath units available, those will be available at $499,000.
Those prices include GST, which offers an additional saving compared to purchases at other buildings.
Units must be owned for five years without selling, or if must be sold will be sold at a defined below-market price in the agreement. Hartshorne says that to help prevent property flipping.
Who was there:
Attending in the front row at today’s outdoor construction site announcement were four City of Langford Councillors: Kimberely Guiry, Colby Harder, Lillian Szpak, and Mary Wagner.
Also attending today were senior city staffers Darren Kiedyk, CAO; Braden Hutchins, Corporate Officer; and Donna Petrie, Senior Manager of Business Development. Representing Keycorp Developments was Malcolm McNaughton (who also sits on the City of Langford Sustainable Development Committee, and used to work at BC Housing) and Keycorp owner Jim Hartshorne.
===== ABOUT ISLAND SOCIAL TRENDS:
Island Social Trends has been covering politics, business, education and communities through a socioeconomic lens since 2008 on south Vancouver Island (previously as West Shore Voice News, and before that both Sooke Voice News and MapleLine Magazine).
Island Social Trends posts news daily at islandsocialtrends.ca (2020-2023). A new bi-weekly print edition will launch in mid-July 2023, with the online news portal continuing robustly.
Mary P Brooke is the editor and publisher of Island Social Trends. Ms Brooke followed and wrote extensively about the COVID pandemic during 2020-2022, and continues to follow that topic as new developments arise. She has covered news of Sooke School District 62 (SD62) in-depth since 2014 and BC education more broadly for over 10 years; in 2022 she ran as a trustee candidate in SD62. In the west shore she also reports on West Shore Parks and Recreation. Mary Brooke is building a FOOD RESILIENCE NEWS ARCHIVE.
Ms Brooke now reports with the BC Legislative Press Gallery. Mary Brooke was awarded the McGeachy Prize in Journalism (University of Saskatchewan, 1981) and in 2023 year has been nominated for the Jack Webster Foundation Shelley Fralic Award honouring women whose work in journalism serves their community. Island Social Trends was mentioned in the House of Commons in June 2023 as a publication of value on south Vancouver Island.
Among other qualifications, Ms Brooke holds a health sciences B.Sc. (Foods & Nutrition), a university Certificate in Public Relations, and an industry certificate in digital marketing.
Mary Brooke is actively covering the by-election in Langford-Juan de Fuca. | BY-ELECTION NEWS SECTION