Vancity joins with luxury developer to make home ownership affordable

"We had a hard time believing that this opportunity was in front of us. Vancity really worked hard to make it work." – Sharon Willkie, 60 West Cordova owner.

At first it seemed an impossible dream: building affordable housing in downtown Vancouver, Canada’s most expensive real estate market. But a partnership between Vancity and luxury condo developer Westbank Developments made possible what 96 modest-income earners had never expected to be able to achieve—to become proud owners of one- and two-bedroom suites at prices as low as half the going rate.

“Our company is not just about building high-end housing,” said Westbank Development’s Michael Braun. “We saw an opportunity to give back to the community and to use our creativity to provide affordable housing.”

Part of that creativity came through partnering with Vancity, which offered unconventional financing to prospective buyers. A 10 per cent deposit was required for each unit, but by obtaining a Vancity mortgage buyers could put down as little as five per cent. Vancity also offered a special cash-back mortgage for potential owners unable to afford the five percent deposit.