WATCH: With housing prices continuing to climb, many people are finding themselves priced out of the real estate market. That’s why a handful of Nanaimo families feel like they’ve won the lottery as they track the progress of a unique project. Skye Ryan reports.
With looming interest rate hikes and the rising price of homes on Vancouver Island, many people are being priced out of the market and will never be able to buy their own homes.
However, a lucky handful of families is taking part in a unique project in Nanaimo that will let them become homeowners.
A new six-home development on Nanaimo’s Extension Road is being built. It will be occupied by community members like James Denby, whose family has been living in low-income rentals until now.
“We’re so excited for it to be finished and completed and just have a completed community,” Denby said. “To be able to have barbecues together, for our kids to go out and play together.”
“It warms my heart to know my children feel safe.”
The families all contribute hundreds of hours of construction to their homes to achieve what was once unimaginable: interest-free home ownership that doesn’t require a hugedown paymentt.
“It’s like winning the lottery and it totally is,” Denby said.
“These families are families that can afford a mortgage,” Habitat for Humanity Mid-Island’s Sarah Pachkowsky.
“It’s just that they were living in the cycle of living paycheque to paycheque. Coming up with a down deposit and the way interest rates can fluctuate it just wasn’t necessarily a possibility. “
The subdivision is a first for Habitat for Humanity on the Mid-Island and it comes at a huge cost. With real estate prices soaring, the cost of building plots has gone up $50,0000-$100,000 in the last year alone.
The building is also being completed by many volunteers and trades students at Vancouver Island University.
The Meadow Hill Development is slated for completion this October.
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