Purchase — Ch'ich'iyúy

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Homeownership Within Reach

New Homeowner Couple

Ch’ich’iyúy Hybrid homeownership benefits

Unlike renting, hybrid homeownership offers many benefits:

Secure housing with no renoviction risk
Long-term savings (equity building) that you can take with you if you decide to sell
Financial stability knowing your monthly housing costs won’t exceed 30% of your monthly income
Ownership stake of 30% or 50% that secures a home of your own for as long as you choose to stay
Down payments that are below market and offer payment flexibility over a multi-month term

Monthly costs

The innovative hybrid homeownership model was designed for affordability with monthly housing costs based on resident’s gross monthly income.

Buyers own 30% or 50% of their home
Aboriginal Land Trust owns the balance of the home which is leased to the owner

An owner’s monthly housing costs include:

Monthly lease payment to the Aboriginal Land Trust
A mortgage payment to the owner’s lender

Total monthly costs would not exceed 30% of buyer's gross household income at time of purchase.

30 Percent 50 Percent

Find out if you qualify by using this helpful calculator

Gross Household Income		$
Maximum Monthly Payments		$ 0 / mth.


Buyer Interest Rate		%
Term (years)		yrs.


Max Unit Price (Gross Market Value)		$ 0
Approximate Unit Size		0 sq.ft.

Purchase Amount		$ 0
Total Deposit	% (max 20%)	$ 0
Initial Down Payment	10%	$ 0
Deposit Payment 2	%	$ 0
Deposit Payment 3	%	$ 0
Final Deposit Payment	45%	$ 0

*For estimating purposes only. Actual deposit schedule to be determined between buyer and selling agent at time of signing.

Estimated Mortgage Amount		$ 0
Monthly Mortgage Payment		$ 0

Operating Fee		$ 0
Lease Fee		$ 0

Combined Monthy Lease Payment		$ 0

Total Monthly Cost		$ 0

Do I Qualify?		Yes, APPLY NOW No, sorry

What Size Unit Could I get?	You Qualify for a One or Two Bedroom Unit! You Qualify for a Studio Unit! n/a

Have more questions? Find answers below.

Eligibility

Qualified buyers must:

Fall within the minimum and maximum income range for desired suite format: studio, loft, 1, or 2- Bedroom.
Obtain financing through a qualified lender (bank, credit union etc.).
Provide the minimum down payment at time of signing and meet a flexible payment schedule by move-in date.
Agree to all property terms as outlined during signing meeting.

You do not have to be Indigenous to purchase a unit; however, priority will be given to Indigenous buyers. 

Application Process

Step one – check your eligibility through the helpful calculator tool and determine which suite type you are approved for.

Step two – complete and submit the short application form.

Step three – a Ch’ich’iyúy sales representative will reach out to answer any questions and help to find the home that’s right for you.

Signing and Down Payments

Signing

Once you have found the right home and are ready to move forward, a signing meeting is scheduled. You will have time in advance to review the contract and terms.
At the time of signing, you will need to provide a deposit to secure your home.

Secure down payment

A flexible down payment schedule will be set up to ensure the total down payment of between 5% and 20% of the purchase amount is complete by the time you move in – estimated late 2024.
Since the purchase amount is 30% or 50% of the gross market value, the down payment is significantly more affordable than traditional real estate.
The down payment is held in trust by a credible law firm until the building is complete.

Mortgage Timing

Since Ch’ich’iyúy is in the pre-sale phase of development, you won’t need to secure a mortgage until the summer of 2024. Your sales representative will let you know when you will need to have financing in place.

Hybrid Homeownership

Monthly Payments

One combined monthly payment to Aboriginal Land Trust covers the lease cost and monthly maintenance fees. These fees include property taxes, shared utilities, and amenities upkeep.

A second monthly payment for mortgage costs is payable directly to your lender. This portion allows you to build savings/ equity over time through paying into your mortgage principle.