First-time Homebuyers Program FAQ
For the latest information on the First-time Homebuyers Program please see the City of Edmonton's website at http://www.edmonton.ca/firsttimebuyers
- Can Woodvale opt-out of the First-Time Home Buyers’ program?
- No. The City of Edmonton has determined that the initiative will proceed. No community, with a surplus school building site that is suitable for housing, can remove itself from the program.
- How many units are planned?
- It is anticipated there will be between 40 and 45 units.
- Where will the housing be located?
- North of 38 Ave and between Greenview School and Millwoods United Church.
- Is it single family dwelling or apartments etc?
- The homes will be row housing (townhome) development that will be of high architectural quality and appearance.
- How is the City determining who qualifies for the housing?
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The City of Edmonton has established the following criteria at this time:
- Buyers must be first time buyers.
- Buyers must be Canadian citizens or have permanent resident status.
- Buyers must qualify and have pre-approved financing for the market value of the home – exclusive of the value of the land (maximum 35 year mortgage amortization)
- Buyers’ family income will not exceed a maximum level (to be determined).
- Buyers may not have a net personal worth exceeding $15,000 excluding primary vehicle and 5% down payment for the mortgage.
- Buyers will be required to sign a statutory declaration confirming they meet the requirements.
- Buyers must be owner-occupants of their townhome for the five year term.
- Will there be controls on purchasers that create problems for the area i.e. party homes etc.?
- The criteria are still being established by the City of Edmonton but the intent is that a condominium association would be established to manage the development.
- Are the purchasers able to just buy for resale or flip the house for profit?
- No, this will not be the case. The City of Edmonton will be covering the cost of the land for the first 5 years of the purchase then the cost of the land associated with the townhome unit will be transferred to the purchaser who will then be required to cover the costs of both the house and the land. If a purchaser needs to sell before the 5 year period specific parameters will be established regarding the sales proceeds. Guidelines are being developed to prevent speculative real estate investment or “real estate flipping.”
- Is parkland space being used to build the houses?
- No. The space being used was originally put aside for building a Jr High School in the area and was not part of the parkland area i.e. soccer fields, playground etc., already in place. A new school is no longer being considered for the area and therefore the land was not being used.
- Why is this project considered a good thing for Woodvale?
- As the community ages, there are fewer families with school age children in the area. This project will attract young working families to our community revitalizing the community league and re-populating schools, churches and businesses.
- Will there be a forum for Woodvale residents to ask questions, provide feedback and see possible building proposals?
- A forum was held on June 20th at the Woodvale Community League building with approx. 150 people attending.
- When does the City of Edmonton expect that this project could go ahead?
- Consultation has already begun on the Greenview pilot site. Designs will be sumbitted for Architecture review in February 2008. Following the approval of Development and Building Permits, construction on these sites is expected to begin in Spring 2008.
- How is the city rolling out this first time homebuyers program in the city?
- The City of Edmonton and the Edmonton Public and Catholic School Boards have determined approx. 40 areas that had building sites put aside for schools. Some of these sites date back over 30 years and will never have a school built on them due to declining school age populations in those areas. Of these sites, approx. 20 were identified as potential areas to use for the First-Time Home Buyers’ Program. The city is planning to start discussions and construction in a couple of the affected communities and these projects will be closely monitored to ensure they the housing is carefully integrated into the existing landscape. This pilot initiative will allow for necessary changes/improvements to be made if required, before continuing the programs in other selected areas. Greenview and Canon Ridge were chosen as the two pilot sites.
- Who will be building the homes?
- Rohit has been selected as the builder for the pilot project site in Greenview.
- Will the landscaping be part of the building process to ensure they conform to the area?
- Yes, this is planned as part of the overall plan. Definite landscaping aspects will be included with mature trees, bushes and plants to ensure that the area does blend in with the existing community.
- Does the city have a website/newsletter on this program?
- Yes, http://www.edmonton.ca/firsttimebuyers
- Will we have an opportunity to work with the architects and builders on the final design?
- The final design meetings in the Greenview and Canon Ridge pilot sites between residents and the builders were completed in January. Through this series of meetings that began in the fall of 2007, participating residents received information from the builders and shared their input on the design of the townhomes. This input was used by the builders to improve the original designs.
- Will information be available to Woodvale residents as the program progresses?
- Yes, as new information is provided by the City of Edmonton, we will post it on this website.
- Why wasn’t the normal community consultation process used?
- In the interest in creating homes for first-time buyers in a timely fashion, the normal community league consultation processes were modified allowing the sites to be rezoned all at once, and as part of the same program. Following a site-by-site examination would have compromised the intent of creating a city-wide program and it would have caused excessive delays in being able to move forward with the program. In this case, the consultation process will happen after rezoning. Communities will be consulted on the design and character of the buildings and, in some cases on the placement of housing on the site.