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Who is it for?
All purchasers at The New Village must meet the qualifying criteria in order to purchase. These requirements help local, middle-income earners enter the housing market.
Local British Columbians
Purchasers at The New Village must be a citizen or permanent resident of Canada, and have lived in BC for the past 24 consecutive months at the time of purchase.
Putting Down Roots
Purchasers at The New Village must use the home as their principal residence when construction completes.
Working Families
Purchasers at The New Village must have a total annual household income below $200,000 at the time of purchase.
First-time Homebuyers
Purchasers at The New Village must not own an interest in any other property at the time of purchase.
Recalculating the Cost of Homeownership
Through The Province's Attainable Housing Initiative (AHI), approved applicants only need to pay 60% of the home's market price. The province will finance the other 40%. You own your entire home, but only make mortgage payments on that 60% amount. Years later, after building up equity, you can sell and use the funds to repay the original 40% financed by The Province. You can use the rest of the funds for your next home purchase, helping you continue to grow in a city you know and love.
Example Scenarios
Buying Today
At The New Village
with Now You Can™
Market Alternative
with Minimum Down Payment
Market Alternative
with 20% Down Payment
Purchase Price
$402,000
60% cost of $670,000
$670,000
$670,000
CMHC Insurance
$0
$18,693
$0
Down Payment
-$20,100
5% on 60% Amount
-$67,000
-$134,000
Bank Mortgage
Amortized for 25 Years
$381,900
$603,000
$536,000
Your Mortgage Payment
Assumes 4.29% Mortgage Rate
$2,077/month
$3,382/month
$2,916/month
Sell at 4 Years
Sale Price
Assumes 2% Annual Increase
$725,230
$725,230
$725,230
Bank Mortgage Balance
-$344,680
-$561,103
-$483,762
Payable to Province
40% of Sale Price
(Original 40% Amount + 40% of New Equity)
-$290,092
$0
$0
Your Equity
$90,458
60% of Sale
$164,127
$241,468
Your Net Equity
(Appreciation + Mortgage
Paydown - Down Payment)
$70,358
$97,127
$107,468
Sell at 25+ Years
Sale Price
Assumes 2% Annual Increase
$1,099,206
$1,099,206
$1,099,206
Bank Mortgage Balance
$0
$0
$0
Payable to Province
40% of Sale Price
(Original 40% Amount + 40% of New Equity)
-$388,853
$0
$0
Your Equity
$710,353
60% of Sale
$1,099,206
$1,099,206
Your Net Equity
(Appreciation + Mortgage
Paydown - Down Payment)
$690,253
$1,032,206
$965,206
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At The New Village
with Now You Can™
Market Alternative
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Market Alternative
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Market Alternative
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with 20% Down Payment
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At The New Village
with Now You Can™
Market Alternative
with Minimum Down Payment
Market Alternative
with 20% Down Payment
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Frequenty Asked Questions
What is The New Village?
The New Village is the name of a new 21-acre masterplanned community on Vancouver’s West Side, which will include boutique retail, a local grocer, a daycare centre, and preserved green spaces. The name is a combination of the hən̓q̓əmin̓əm̓ (Halkomelem) and Swwú7mesh (Squamish) word meaning “new.” Here, the Attainable Housing Initiative project provides a new path to homeownership for local residences in this innovative, connected community.
What is the Attainable Housing Initiative (AHI) project at The New Village?
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Do I need to qualify?
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When can I purchase a home at The New Village?
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When can I move in to a home at The New Village?
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What can I do next?
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Timeline
Begin your homeownership journey and register to stay up to date on the first opportunities to apply and purchase
Register
for Updates
Submit Your
Application
Application
Approval
Randomized
Application
Selection
Home
Selection
Purchase
This initiative is a partnership between the MST Nations, Aquilini, and The Province–coming together to make homeownership a reality for more people. A comprehensive planning program of The New Village began in 2016, jointly overseen with the City of Vancouver's planning department. More details are available on The Province of BC's website.
