Edmonton helps first-time home buyers

[EdmontonInfo]

Edmonton helps first-time home buyers

News Release
http://www.edmonton.ca/citygov/newsrls/rls0430.pdf

Edmonton, July 8, 2008 –Edmonton has launched an innovative program to help qualified first-time home buyers own their own homes.

"First Place is going to make a huge difference for eighty-five working families who want to purchase their first home in Edmonton’s hot economy. This is really about attracting and maintaining a very strong and skilled labour supply in Edmonton," said Mayor Stephen Mandel.

"Edmonton has a multi-pronged strategy to provide a wider range of housing options for people and I think First Place will be a very welcome option."

Councillor Karen Leibovici, Council lead on housing initiatives, welcomed the opening of the unit draw. "This program makes smart use of our existing infrastructure while creating opportunity for first-time homebuyers through the five year deferral on land payments. For those with the qualified income levels who haven’t been able to enter the housing market – the time is now."

Unit Draw:

The City will accept applications to purchase the town homes from July 8 – August 8 with the unit draw taking place August 12. There are 85 new town homes for qualified first-time homebuyers whose combined income is between $69,000 - $88,000. All application forms and information on First Place is available at [COLOR=blue]www.firstplaceedmonton.com[/COLOR].

Locations and type of housing:
The two sites are in the communities of Greenview and Canon Ridge.

Greenview Landing (43 town home condominium units with full unfinished basements). Located in southeast Edmonton, east of 62 Street between 38th and 40th Avenues.

• 2 bedroom, $266,710
• 3 bedroom, $285,080
• 2 bedroom accessible bungalow unit (only 1 available) $314,750
[COLOR=blue]www.rohitcommunities.com [/COLOR]

Canon Ridge (42 town home condominium units with full unfinished basements). Located in northeast Edmonton at intersection of Hooke Road and Hermitage Road.
[COLOR=windowtext]• 3 bedroom middle unit, $270,250[/COLOR]
[COLOR=windowtext]• 3 bedroom end unit, $276, 600 [/COLOR]
[COLOR=windowtext]• 2 bedroom accessible bungalow unit (only 1 available) $311,770[/COLOR]
[COLOR=blue]www.bestcommunities.ca/canonridge/ [/COLOR]

The accessible units in both developments are single storey, accessible and barrier free designed to incorporate accessible features in accordance with the provisions of the Barrier Free Design Guide of the Alberta Building Code. Please see [COLOR=blue]www.firstplaceedmonton.com [/COLOR]for detailed list of accessible features.

First Place was created in partnership by the City of Edmonton, Government of Alberta, Edmonton Catholic School District and Edmonton Public School Board.

Interested first-time homebuyers can visit [COLOR=blue]www.firstplaceedmonton.com [/COLOR]or call 780-496-HOME (4663).

Interested first-time homebuyers can also register for the July 16 educational seminar hosted by the City of Edmonton at [COLOR=blue]www.thehomeprogram.ca[/COLOR].

- 30 -

[DebraW]

First-time home buyers put out welcome mat

Sara Ditta, edmontonjournal.com
Published: 12:45 pm July 07, 2008

Article link: http://www.canada.com/edmontonjourna...8-2c907b6c6a0d

"This is really about attracting and maintaining a very strong and skilled labour force," he (Mayor Mandel) said, in a statement.

The city is accepting applications from July 8 to Aug. 8 and a draw for the winners will take place on Aug. 12.

Buyers whose combined income ranges from $69,000 to $88,000 qualify for the program and must be Canadian citizens or permanent residents.

^ This is a GREAT [COLOR=black]initiative! Good on the city and the partners for this.[/COLOR]

[Edmontonfan]

Of course you can now buy 3 bedroom townhouses just about anywhere in Edmonton for below $250,000!

[McCauley resident]

Originally Posted by EdmontonInfo

The two sites are in the communities of Greenview and Canon Ridge.

Greenview Landing (43 town home condominium units with full unfinished basements). Located in southeast Edmonton, east of 62 Street between 38th and 40th Avenues.

• 2 bedroom, $266,710
• 3 bedroom, $285,080
• 2 bedroom accessible bungalow unit (only 1 available) $314,750
[COLOR=blue]www.rohitcommunities.com [/COLOR]

Canon Ridge (42 town home condominium units with full unfinished basements). Located in northeast Edmonton at intersection of Hooke Road and Hermitage Road.
[COLOR=windowtext]• 3 bedroom middle unit, $270,250[/COLOR]
[COLOR=windowtext]• 3 bedroom end unit, $276, 600 [/COLOR]

Checking mls.ca - I see there are presently 396 three bedroom townhouse condominiums for sale with a list price under $275,000..... 396 homeowners who pay their taxes then have the City of Edmonton compete with them as sellers.......

There is absolutely no need for the City of Edmonton to get involved in building townhouses - they are skewing the market - they are punishing law abiding taxpayers who are attempting to sell their homes.

But what can one expect with a Liberal left wing City Council...........

[IanO]

^agreed...they fast tracked this because of the boom and now it looks like a ridiculous idea. However because of the details involved, it does help those who need help. Mind you the locations of these are not appealing to many of those potential 396 buyers

[Sydtown]

I agree with the above comments. It won't be a good look if the value of these townhouses fall and the city is responsible for creating negative equity for these 'working families'.

Apart from anything else this is aimed at helping ONLY 85 families?!? Its a token worthless effort.

In Australia there is a $7000 first home buyers grant, and first home buyers dont pay stamp duty (taxes: 10 or 20 grand). Yes of course this just pushes up the prices so it is sort of pointless but still its more significant. Im curious if there are taxes for house buyers to pay in Alberta. Getting rid of these (if there are any) might be a good but expensive way to help first home buyers.

[PickLeZ]

It seems to me that "qualified" families with a combined income of 70,000 to 85,000 should have no problem whatsoever financing a home purchase without government intervention. It's called "saving up" to buy something you want.

I don't understand this at all, but it is all so typical isn't it? I absolutely cannot get past how bloody stupid...I can't even come up with a word to adequately describe the LEVEL of stupidity exhibited by the people running this city.

[Medwards]

^ Why? Cause only the homeless people should be helped?

[PickLeZ]

Originally Posted by Medwards

^ Why? Cause only the homeless people should be helped?

No, but because there is absolutely nothing stopping a family in that income range from purchasing a home--except, maybe, lack of will.

As far as homeless people are concerned, they frankly don't need anything more than a honeycombed concrete structure with just enough power for a hotplate and a mini-fridge, and just enough room for a bed. The problem is, cities won't even invest in THAT much.

But a working family earning 70-85k should be perfectly capable of putting away sufficient funds over the course of a few years renting, and with plenty of federal programs enabling them once they have funds secured, to do this without city intervention.

To me, this is just another classic example of our society losing the drive to STRIVE for that which we want...and imho it's a handout.

I would be really anxious to meet one of the ONLY 85 lucky families, given the opportunity...and even more anxious to know what their intimate relationship to the administrator of the program might be.

[MylesC]

Let's reel in certain kinds of accusations and innuendo here, shall we?

[PickLeZ]

Originally Posted by MylesC

Let's reel in certain kinds of accusations and innuendo here, shall we?

Fair enough, but prove me wrong?

It is not like programs of this type have a spotless record.

And if it is so easy to implement, and so soft a hit on the coffers, why not apply this deferral to ALL first time home buyers?

[McCauley resident]

Originally Posted by McCauley resident

There is absolutely no need for the City of Edmonton to get involved in building townhouses - they are skewing the market - they are punishing law abiding taxpayers who are attempting to sell their homes.

But what can one expect with a Liberal left wing City Council...........

It was no trouble fitting prospective home buyers into the first time buyer lottery run at City Hall for the First Place program.

The numbers didn't pan out to what organizers hoped they would be.

There were only 15 applications for 85 new town homes designed for first-time buyers.

The city held a draw this morning to match applicants with individual town home projects in Canon Ridge and Greenview. Those are former unused school sites.
Of those 15, there will only be 11 buyers since in four instances applications were sent in for both properties.

Councillor Karen Leibovici says the take up is disappointing, but not to the point where the rest of the program will be scrapped.


http://www.630ched.com/Channels/Reg/...spx?ID=1020989

Once the bureaucracy goes mad, there is no stopping it...........

[moahunter]

Originally Posted by McCauley resident

Once the bureaucracy goes mad, there is no stopping it...........

Agreed - hopefully the City won't ever be so stupid again - time to get out of a business it is clearly incompetent in. People in the 69,000 - $88,000 Salary range want to own something they have earned, not be part of a low income project. They don't need subsidies from the rest of us poor soles in the city... including seniors and similar, who can only dream of earning $69,000 (let alone $88,000).

[yogi]

Me and my spouse are planning to buy a home in the near future. We are both first-time home buyers. For the past year, we have been researching and reading about mortgages, down payments, affordability, and almost everything that involves process of buying our first home.

I definitely agree with everyone that this new 'first place' program is dumb and useless.


What was the City of Edmonton thinking!?!?

[Legacy]

Looks like planning for the remaining sites for this project will be going ahead. Just got an email from the City (firsthomebuyers@edmonton.ca):

The First Place Program (formerly known as First Time Homebuyer's Program) is a City initiative designed to help first time homebuyers buy their first home. Two pilot projects, one in Canon Ridge and one in Greenview, have now been completed. The City is beginning to implement the approved program on the remaining 18 sites in phases over the next ten years.

Qualification of new home builders for these sites is occurring this Fall with the final selection of builders being made, likely in January 2012. Builders themselves will be responsible for the pricing, marketing and sales of units to the general public in accordance with the program eligibility guidelines described on the First Place website.

I live right opposite one of the sites, I wonder how it will affect my property value. Judging by the cost of the properties listed ($266k - $300k) that's effectively half of what I paid for our house.. this can't be good.

For the first time home buyers, it's a terrific opportunity though.. I know when I bought my first place before the housing boom I could barely afford my $200k condo in Calgary.