With the benchmark price of a Coquitlam home at over $800,000, many are concerned about being able to afford one because of the cost of getting into the market.
But a solution may be on the way thanks to a partnership between the city of Coquitlam and Habitat for Humanity.
Coquitlam is providing the land and Habitat will provide the capital to build 40 to 50 homes that people earning less than $68,000 can live in. The money they pay in contributions will be put aside by Habitat so that when they leave, they get the money back (minus a fee and costs for any damage) to be used for a downpayment on their next home. To qualify, people would need to have jobs and also contribute 500 hours of their time volunteering for Habitat.
Is this the solution to the Metro Vancouver affordable housing problem? No, but it’s a good start.
