The Nelson Commons, Kootenay Co-op and the City of Nelson are excited to offer Restricted Resale housing for the first time in Nelson. This program is being made possible by financial contributions from Kootenay Co-op and VanCity Credit Union, and by an agreement with the City of Nelson to manage the units. We have designated two 1-bedroom and one 2-bedroom condominium units as Restricted Resale units. These units will be sold to purchasers who meet the criteria set out in our Restricted Resale Condominium Program.
The purchaser will receive a price reduction of 25% below the market list price. Upon resale, the unit will be appraised and the resale price will be reduced by 25% of the appraised value. All restricted resale units must be owner-occupied and will remain in the restricted resale program in perpetuity.
Units and Pricing
|Bedrooms||Market List Price||Restricted Resale Price|
|1 Bedroom (714 sf)||$265.000||$198,750|
|1 Bedroom + den (735 sf)||$269,000||$201,750|
|2 Bedrooms (886 sf)||$369,000||$276,750|
Criteria for Applicants
Eligibility criteria for applicants for a one bedroom unit:
1. Eligible applicants for one bedroom restricted resale units consist of a family maximum of 2 people.
2. The maximum household income is $65,000* gross per annum.
3. The applicant must provide proof of mortgage pre-approval.
Eligibility criteria for applicants for a two bedroom unit:
1. Eligible applicants for two bedroom restricted resale units consist of a family of a minimum of 2 people, one of whom is an eligible dependent.
2. The maximum household income is $85,000* gross per annum.
3. The applicant must provide a proof of mortgage pre-approval.
*These income levels are based on a 5% down payment; maximum household income will vary depending on down payment and CMHC approval.
For further information, including the complete list of eligibility criteria, application information and the unit floor plans, drop us an email at email@example.com