Exciting Restricted Resale offers up for grabs in Nelson
By Brendan Quinn
If you’re looking to purchase one of the condos being built down at the Nelson Commons, but aren’t quite sure if you can afford one, you might be in luck.
The Nelson Commons is offering interested buyers a chance to purchase one of the downtown units at a discounted price, provided they fit the criteria.
In conjunction with the Kootenay Co-op and VanCity Credit Union, the Commons have released information detailing the “Restricted Resale” housing options available for purchase at the downtown location.
Two one-bedroom condominiums and a single two-bedroom unit have been made available for 25 per cent below the market list price.
Market Price Resale Price
1 Bedroom (714 sq. f) $265.000 $198,750
1 Bedroom + den (735 sq. f) $269,000 $201,750
2 Bedrooms (886 sq. f) $369,000 $276,750
Deirdrie Lang, a project manager with the Nelson Commons project, explained how these units came about and the reasoning behind the offer.
“When we applied for our development permit from the city there was a requirement to make a contribution to the affordable housing fund,” Lang said.
“We decided that we wanted to do something a little bit different so, we opted to go with the restricted resale program and the city agreed.”
Lang clarified that contributions from the VanCity Credit Union and the Kootenay Co-op have helped make it possible for the discount price.
However, not just anyone can drop by and scoop up these units, there are strict requirements to ensure that this housing will only go to the people it was designated to help.
For the one-bedroom units, a buyer must consist of a family of two people at the most and a maximum household income of $65,000 gross per annum.
Buyers looking at the two-bedroom units are also under some restrictions. Eligible applicants must be family of at least two including a dependent, with a cap of $85,000 yearly income.
The reduction in price remains even if the owner decides to sell. According to the press release, the unit will be appraised and the resale price will be reduced by 25 per cent of the appraised value.
Lang said that earlier this year, the City of Nelson has offered to take on the management of the units in perpetuity, as the Nelson Commons development corporation “won’t be around forever.”
