It’s almost too good to be true!
At a time when real estate prices have reached dizzying heights and owning a house seems improbable at best, the District of Tofino and the Tofino Housing Corporation are giving one lucky buyer an incredible deal.
This 738 sq ft 1-bedroom townhouse in what is now Sea Otter Place was acquired by the city as an amenity contribution during rezoning. Now they’re offering it up at a low price to promote affordable housing, and all proceeds will go toward funding other affordable housing programs in the district.
What’s the catch?
The townhome will only be sold to residents of Tofino who have lived and worked full time in the area for 2 out of the past 3 years.
Buyers are also restricted to people who do not own other properties, and those whose household income does not exceed $80,000.
Moreover, if the new owners wish to sell, they can only do so at the price they paid for it, plus the inflation rate (about 1.5% per year). A lottery process will be used to select who gets to buy the property.
An information session will be hosted for all interested parties at the Tofino Council Chambers on Tuesday, July 17th. Until then, click here for more information about the property and purchase eligibility rules.
Tofino Housing Corporation and the District of Tofino are excited to announce the first sale of a price-restricted,…