We're Passionate About Housing

The YeYe Housing Society, a non-profit housing developer dedicated to helping people achieve their dream of home ownership, is currently developing plans for its first endeavour. “YeYe One” will consist of up to 20 units of entry level ownership housing at approximately 25% below market value.

Before finalizing plans the Society needs to measure the level of demand for these homes. Please review the material, ask any questions, and register as a potential home buyer should you see fit to do so.  There will be no obligation at this early stage however we would ask that you register only if you are serious about what’s being offered, and you will have the financial ability to make the purchase.

  • Location: 1030 Houghton, Kelowna

At the corner of Houghton and Fleming near Ben Lee Park there is an older fourplex on a large lot that will be removed after all necessary approvals and permits have been received and legal obligations fulfilled with the four current tenants.

Units Will Include

  • New Home Warranty
  • One vehicle and one bicycle parking space per home
  • Separate front door access
  • Common area BBQ
  • Four first floor units will be designed for people with accessibility challenges
  • LED lighting
  • Built in Closet Organizer
  • A choice of a dark or light colour scheme
  • Juliet balcony

Questions & Answers

Q: Is this a Government project?

A: No, this is an initiative by a community non-profit society

Q: Will there be more after the first 20 homes?

A: Our plan is to secure additional land and build more homes. There is no timeline however.

Q: What does ‘at cost’ mean?

A: Homeowners will be responsible for 100% of all costs associated with a project incurred by YeYe. Land and developer’s profit are not included in the cost calculation.

Q: What is meant by “a choice of dark or light colour scheme”?

A: An example the light scheme would have light coloured cabinets in kitchen and bath, a lighter tile in bathrooms and kitchens and a lighter floor throughout. All paint would be a shade of white for both.

Q: Can homeowners customize their homes during construction?

A: Allowing for customization would increase administrative costs and potentially unit construction costs and therefore homeowners will be limited to a choice of colour scheme.

Q: Must a purchaser be a Canadian Citizen?

A: The Homebuyer must be a Canadian citizen, permanent resident or non-permanent resident who is legally authorized to work in Canada.

Q: What other criteria must be met?

  • Buyers must qualify for a mortgage with their financial institution
  • At least one person in the household has lived in Kelowna for at least a year immediately before the date you register the property and filed at least 2 income tax returns as a – B.C. resident in the last 6 taxation years immediately before the registration date
  • Not exceeded a combined annual gross household income of $150,000

Q: Must a purchaser occupy the home?

A: Homes must be occupied by purchasers as their primary residence and not rented out or offered as short-term rentals. Long-term rental of a spare bedroom to help the owner pay his/her mortgage helper will be permitted if the unit remains owner-occupied.

Q: How will you prevent home buyers from flipping their homes and pocketing the difference between what they paid and the market value?

  1. Prior to possession a formula of unit cost divided by market value will be used to measure the percentage of market home buyers are paying for. For example, if a two-bedroom unit cost is $288,700 and the market value is $400,000 the percentage split would be 72% for the home buyer and 28% for YeYe.
  2. When a home is sold later by the original purchaser, the revenue will be divided as per the percentage split, as calculated at the time of original occupancy. For example, if a home sold for $500,000 several years later, the original home purchaser will keep 72% of the $500,000 sale price (minus normal selling costs).
  3. When a home is sold, rented, transferred, or otherwise ceases to be owned by the original home purchaser, the home is deemed sold for purposes of YeYe collecting its percentage.
  4. In the unlikely event that an original home purchaser is still in the home after 49 years from the date of purchase, the home will be deemed sold for purposes of YeYe collecting its estimated percentage.
  5. Once the home resells for the first time and YeYe receives its percentage share YeYe is no longer a partner in the home and not entitled to any further considerations.

Q: May I purchase YeYe’s equity share instead of selling the home?

A: Yes after a minimum of ten years from the date of possession.

Q: How many bedrooms will be offered and at what price?

A: There will be a total of 20 townhouses each with their own private entrance, four accessible one bedroom homes on the ground floor, six one bedroom homes also on the ground floor, six two bedroom homes on two floors, and four three bedroom homes on two floors. As market and cost prices continue to fluctuate it is difficult to pinpoint exactly what home costs will be at this time. Your purchase price will not include a developers profit as YeYe is a not for profit developer and there is no land cost to our first time buyers. Based on these two major costs not being passed on to our first buyers we estimate the cost to buyers will be somewhere between 70-80% of the market price.

Q: When will the homes be available for purchase?

A: We expect construction to begin in late 2023 and occupancy in 2024-2025 We will provide regular updates on prices, timing, etc to those who have registered below.

Potential Home Buyer Registration

YeYe is based on a process developed and implemented by the Banff Housing Corporation (https://banff.ca/156/Banff-Housing-Corporation). That not-for-profit entity built over 200 entry level homes in the very high-priced tourist town. 

 

By Registering On This Site, you consent to “YeYe Housing Society” contacting you regarding their developments, events, announcements, or other publications. This information is not shared or distributed to any other parties and you may unsubscribe at anytime. Renderings, layouts, specifications, finishes, sizes, prices and availability are subject to change without notice. This is not an offering for sale. An offering for sale can only be made with a Disclosure Statement. E.&O.E.

 

Please send all inquires to Norm Letnick at yeyehousingsociety@gmail.com