The Galiano Green Affordable Home Ownership project is intended to enable people to build a house for the same cost as they are paying for rent now and removes the high costs of owning land and associated infrastructure.
Instead of buying land outright, owners at Galiano Green only have to finance a 30 year lease through Van City or CCEC credit unions.
Homeowners will be responsible for securing all of the financing necessary to cover the costs of building their home, including a rainwater catchment system.
All homes built on Galiano Green must meet current building regulations and be built to code. Under new regulations introduced by BC Housing, all Owner-builders must now complete a course and qualify in order to build their house without a contractor. (For more information on the new regulations, click here)
Galiano Community Housing Association has been working closely with VanCity Credit Union, and CCEC Credit Union. Both Credit Unions have been very supportive of our vision for Galiano Green. Both Credit Unions have agreed to offer construction loans and mortgages to qualified Galiano Green applicants who meet their lending criteria. For further information on the specifics of their lending options and mortgage rates, please contact the credit unions directly.
How do you know how much you can afford to borrow?
The chart below shows mortgage eligibility and payment scenarios, based upon mortgage amount making up no more than 30% of total income of the household.
In December 2016 CMHC announced new funding and grants for housing in BC, and the Province of BC also recently announced grants of up to $37,500 for first-time buyers to assist people in buying their first home. All of this is great news and provides more options for financing depending on applicant’s personal situation.
We also encourage islanders to approach the Galiano Community Loan Fund, which offers loans of up to $25,000 to those applicants who are unable to access traditional financing. So, before you contact the Community Loan Fund, we recommend speaking to CCEC and VanCity Credit Unions and asking about their different lending rates, and options for financing at Galiano Green.