Affordable home ownership program for first time home buyers

Habitat for Humanity Mid-Vancouver Island is a registered charity whose mission is to help families build strength, stability and independence through affordable homeownership.

 

Families are selected on the basis of need, ability to pay, and willingness to partner with Habitat. Habitat Mid-Vancouver Island builds houses, with community support, that are sold to families that meet our criteria. There is no down payment and the mortgage is interest free. Each family partners with Habitat Mid-Vancouver Island by contributing sweat equity hours (see below). An independent Family Selection committee is responsible for reviewing and assessing the applications.

 

We believe in a hand up, NOT a hand out.

Am I Eligible?
“The Milner Group is a major supporter of Habitat for Humanity Mid-Vancouver Island. We believe in Habitat’s mission of providing affordable homeownership and the positive impact on our community. We are proud to be Habitat’s partner and we encourage others in the construction community to support their house building activities.” - Craig Cookman, Milner Group

Next Houses

Meadow Hill Development Phase 3 – 1-three bedroom house, and 1-two bedroom handicap-accessible house are both under construction.

Who can apply?

Families including single parent families, families with children and families with elder relatives living in their home (as long as there are children) can apply. Applicants must be Canadian citizens or landed immigrants and we embrace all socio-economic, ethnic and cultural backgrounds.

Building Homes – Building Neighbourhoods

Habitat Mid-Vancouver Island wants to do more than build houses. We also want to build a strong community. We are looking for good neighbours; families who are willing to partner with us and with others in our community.

Interest Free Mortgage

The home is purchased from Habitat Mid-Vancouver Island with an interest free, 25-35 year term mortgage that Habitat Mid-Vancouver Island carries. The mortgage has a number of special terms, including a buy-back provision in the event that the homeowner wishes to sell.

Partnership

Habitat Mid-Vancouver Island does not give away houses. Houses are sold to our future homeowners at current market value, with special conditions including no down payment and an interest free mortgage.

How do I apply?

When we are accepting applications, you can download the application form from our website or contact our office to have one mailed to you. If you require further information, please contact the office re: the application process at 250-758-8078 or email info@habitatmvi.org.

Sweat Equity

Each selected future homeowner will volunteer a total of 500 “sweat equity” hours, which must be completed prior to moving into a Habitat home. Families will work on the construction of their own or other Habitat homes, in our ReStore, or other pre-approved charities and fundraising events. Sweat equity is an important way to demonstrate commitment to homeownership and their partnership with Habitat Mid-Vancouver Island. Sweat equity is not a down payment and there is no monetary compensation for sweat equity hours.

Do I need to submit my CRA forms, pay stubs & Equifax Credit Report?

If you are shortlisted, the Family Selection Committee will advise which documents are required, and you will be reimbursed for any costs associated with obtaining these documents. You do not need to have perfect credit, but show that you are responsibly managing your debt.

Cost and Size of the Homes

Habitat Mid-Vancouver Island builds decent, affordable homes with some volunteer labour in order to help reduce construction costs. In addition to mortgage payments, the Habitat homeowner is also responsible for the payment of property taxes, city user fees, strata fees, insurance, maintenance and all costs associated with owning and maintaining a home.