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Old 06-12-2015, 10:20 AM   #1
polak
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Anyone look into these before?

I'm considering the Mahogany condo's they built.

For those that don't know how it works, it's a city of Calgary program in which if you have under a certain income (80,000 household for single's with no dependents) you qualify for the program which gifts you the down payment in exchange for a cut of your appreciation. If you move out in the first year you get 0% of your appreciation, 1-2 years you get 25% of your appreciation, 2-3 years you get 50% of your appreciation and 3+ you get to keep 75% of your appreciation. On top of the equity loan for your down payment they offer the homes at under market value, which is rare in this freaking city. All of their condos are actually very nice and well appointed and in nice areas of the city.

I wasn't really considering this before as the potential 25% loss seemed like a lot 2 years ago but these days, it's looking like the appreciation in 3-4 years might not be all that great. Even if you predict that it appreciates 20% in 3-4 years then I'd only lose $10,500 dollars of appreciation with this program. The reason why I'm strongly considering this now, is that I probably won't be in a position to buy on my own for another year or so and in that time I'll easily spend more than 10 grand on rent. Combine that with the savings on the price (Comparable floor plans range around 220-260k) and that loss in appreciation doesn't seem all that hard to swallow.

I know the market isn't ideal to buy in (Like I've preached oh so loudly) but these just finished and it's very rare that these attainable home projects are built in the south so I don't want to miss out.

All of that being said, I still can't get past the idea that anything that sounds like it's too good to be true, usually is. So I'm coming to you CP. Please feel free to poke holes in this program and my plan. I need to be proven wrong soon or I might just go through with it!

Link:

http://attainyourhome.com/portfolio/51-oak

EDIT: I'm going to the sales center today so I'll get more info. Their site is lacking in specifics about the individual projects themselves.

Last edited by polak; 06-12-2015 at 10:25 AM.
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Old 06-12-2015, 10:23 AM   #2
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That's a great program
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Old 06-12-2015, 02:11 PM   #3
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I read the site. Seems great and I can't see a downside to it.
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Old 06-12-2015, 04:06 PM   #4
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The big downside is that you can't live here forever. If you are here more than 4 or 5 years I think you end up losing out. If you are only living there 4 or 5 years does renting make more sense then paying real estate fees.

First Unless you find comparables at higher prices I would discount the talk of "getting a place below market value". That to me seems like add speak.

So a 250k home would loan you a 12500 down payment. At 2.5% appreciation for 4 years they keep 6500 and you come out ahead. You stay for 10 years and they take 23k.

So if you accept that 4 to 5 years is the max time frame you can live there then you need to look at your cmhc costs and real estate costs, taxes, lawyers, interest vs renting
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Old 06-13-2015, 04:12 PM   #5
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Yeah CHMC fee's are a good point.

Unfortunately, the Mahogany project doesn't allow big pets so no-go for me as my GF has a 75 lb English Bulldog.

Her terrible choice of buying a dog has been so frustrating. Looks like we're renting for another year or so. Hopefully in that time I'll be able to afford a townhome or something more comfortable for that mutt.
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Old 06-13-2015, 04:34 PM   #6
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Originally Posted by polak View Post
Unfortunately, the Mahogany project doesn't allow big pets so no-go for me as my GF has a 75 lb English Bulldog.
Can't you not include your GF in the application and buy the place, then a few months later when everything settles you try to sneak her in?
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Old 06-13-2015, 05:19 PM   #7
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I read the site. Seems great and I can't see a downside to it.

It's not on a lake :-)
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Old 06-13-2015, 10:34 PM   #8
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Unfortunately, the Mahogany project doesn't allow big pets so no-go for me as my GF has a 75 lb English Bulldog.
Had a bulldog before and they don't live very long, about 7 years or so. So your predicament might not last too much longer.
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Old 06-14-2015, 07:07 AM   #9
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I've read about the attainable home program before and it does seem to be pretty good and beneficial. I don't think it is easy to get into the program though. I think I read in a previous article that they have a decent size waiting list.

They are actually building an attainable project a few blocks from my place in Varsity. That would be a great place to get into because it isn't out in the deep suburbs.

Last edited by calgarygeologist; 06-14-2015 at 07:11 AM.
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Old 06-15-2015, 12:06 PM   #10
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I've read about the attainable home program before and it does seem to be pretty good and beneficial. I don't think it is easy to get into the program though. I think I read in a previous article that they have a decent size waiting list.

They are actually building an attainable project a few blocks from my place in Varsity. That would be a great place to get into because it isn't out in the deep suburbs.
I applied and heard back from the mortgage specialist the next day. I was also able to book a spot in one of their mandatory information classes in June so I don't think it's too crazy. I know the Mahogany project wasn't sold out and they were doing quick possessions.

I personally like the deep south but these attainable home projects seem to always be built in the North which I'm not a fan of. The Varsity one would be interesting.

I thought about trying to sneak the dog in but I don't think that'll be worth the risk. As much as I'd like to, I would never let my girlfriend get rid of the dog (she offered) as I'm pretty sure that would devastate her so if we got busted with the dog that could be a big problem.

With the uncertainty of the market right now and my personal financial situation holding off from buying isn't the absolute end of the world. It would be nice but sometimes sh*t doesn't work out. Next time.
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Old 06-15-2015, 01:19 PM   #11
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I applied and heard back from the mortgage specialist the next day. I was also able to book a spot in one of their mandatory information classes in June so I don't think it's too crazy. I know the Mahogany project wasn't sold out and they were doing quick possessions.

I personally like the deep south but these attainable home projects seem to always be built in the North which I'm not a fan of. The Varsity one would be interesting.

I thought about trying to sneak the dog in but I don't think that'll be worth the risk. As much as I'd like to, I would never let my girlfriend get rid of the dog (she offered) as I'm pretty sure that would devastate her so if we got busted with the dog that could be a big problem.

With the uncertainty of the market right now and my personal financial situation holding off from buying isn't the absolute end of the world. It would be nice but sometimes sh*t doesn't work out. Next time.
The rules about the dogs are from the condo board not attainable home programs. All you have to do is cut a deal with the board or get an exception and you are good to go
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Old 06-15-2015, 01:25 PM   #12
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The rules about the dogs are from the condo board not attainable home programs. All you have to do is cut a deal with the board or get an exception and you are good to go
How does one do that? Is there a place where you can find an email to the condo board?

Edit: I emailed the "info" address on their site but I'm thinking that's for the sales center? Either way, hopefully with the crappy state of the condo market right now, they might be more willing to make an exception...

Last edited by polak; 06-15-2015 at 01:32 PM.
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Old 06-15-2015, 04:01 PM   #13
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Problem solved. Looks like I'll be buying after all

Now to pay some lawyer to write up a contract that probably won't matter in case the GF and I break up and she decides to go crazy and try and take half my crap.

Woo.
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Old 06-15-2015, 04:05 PM   #14
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I know a few people who went through attainable homes and have heard no complaints
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Old 06-15-2015, 04:09 PM   #15
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Now to pay some lawyer to write up a contract that probably won't matter in case the GF and I break up and she decides to go crazy and try and take half my crap.
As in won't matter because you think it won't happen, or as in won't matter because you don't think the contract will hold up?

FWIW, said contract is valid for anything you bring into the relationship, not anything you acquire during. She can still take half of that IIRC.
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Old 06-15-2015, 04:16 PM   #16
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SIL, bought in the Bridgeland area a few years back, she's very happy with Attainable Homes.
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Old 06-15-2015, 04:18 PM   #17
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As in won't matter because you think it won't happen, or as in won't matter because you don't think the contract will hold up?

FWIW, said contract is valid for anything you bring into the relationship, not anything you acquire during. She can still take half of that IIRC.
I meant that it won't hold up but I'm pessimistic although my lawyer friend sort of agreed.

We're just dating, haven't lived together or anything before. I'm buying the place and was just planning on charging her some sort of rent. I'm assuming that it could get messy if she wanted it too.

Last edited by polak; 06-15-2015 at 04:20 PM.
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Old 06-15-2015, 04:39 PM   #18
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I meant that it won't hold up but I'm pessimistic although my lawyer friend sort of agreed.

We're just dating, haven't lived together or anything before. I'm buying the place and was just planning on charging her some sort of rent. I'm assuming that it could get messy if she wanted it too.
Have her sign up a rental agreement and pay you accordingly problem solved!
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Old 06-15-2015, 06:31 PM   #19
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Have her sign up a rental agreement and pay you accordingly problem solved!
Yeah that actually does get around common law regulations. She might be more insulted that way though...

Only way I'd be worried that gets messy is if you're not claiming it as income, because she could easily report you to the CRA if things ended and you weren't.
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Old 06-16-2015, 11:48 AM   #20
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Yeah I don't want to mess with the CRA but I don't want to declare it as income either. I wonder if there's a pre-nup equivalent for couples that aren't married but want to live together?
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