Town of Osoyoos, B.C. to sell homes below market value

The Town of Osoyoos, B.C., is working to address community housing needs through a unique program that offers housing for below market value.

Moderate-income working families are able to apply under the Near Market Housing (NMH) Program to purchase a house in Phase 2 of the Southeast Meadowlark Plan Area.

According to Gina MacKay, Director of Planning and Development, under the program, two duplexes (four units) and one single-family home within Phase 2 will be offered at 15 per cent below market value.

“The Near Market Housing Program started in 2010 when the town had an arrangement with the Agricultural Land Commission to release lands on an as-needed basis to help contribute to housing attainability in the Town of Osoyoos,” said MacKay.

“The project is catered to young families, which we’re hoping will fill up Osoyoos with young families and grow our population in Osoyoos for a year-round community.”

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Development of the Southeast Meadowlark Area required special permission from the Agricultural Land Commission which according to the Town of Osoyoos, is quite unique.

“Starting with the town-owned piece of property, they agreed to release the lands as long as each phase of the development could provide at least 30 units per hectare for density, and 15 per cent of the units will be offered at 15 per cent below market value,” said MacKay.

“To the best of our knowledge, this program is not being offered anywhere else in the province. As I understand it, the Agricultural Commission has only implemented this program here with the town.”

Preference for these units will be given to:

1. Younger working families especially those with school-aged children.
2. Household income below or near the median household level in Osoyoos.
3. Does not currently own property or is a party to any real estate property ownership.
4. Verification of approved mortgage from financial institution.
5. Canadian citizenship.

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Phase three, which is just beginning to be developed, will include two duplexes (four units) with ground-level entry and one single-family home.

These homes will also be offered at below-market value but will be aimed at those with mobility challenges.

“This is the third phase for this area of the Meadowlark Plan,” said MacKay.

“There will be more phases to come and then those particular phases will be looking for multi-family developments, rather than single-family and duplex.”

Although each home will be sold below market value, MacKay says the rising costs of both land and construction could directly impact pricing.

“We’ve all noticed that change in our economy over the year and the cost of construction has gone up considerably everywhere in the province of B.C.,” said MacKay.

“We’re looking at homes that are in the range of the high fours, so around $470,000 to around $540,000. That would be for the half-duplex and those are up to three bedrooms with two and a half bathrooms. So, they’re quite substantial in size.”

A waitlist has been started for the homes in Phase 2. The homes are expected to be available for purchase sometime next month.

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