The Tofino Housing Corporation announced an interesting new lottery this week where they're selling a townhouse for $210,000.
The THC is a private corporation owned by the District of Tofino. It exists to "provide affordable and attainable housing to Tofino residents and employees".
The 738 sq ft townhouse they're selling by way of a lottery system will go to a buyer who checks a few boxes, including that they:
- Work full time in Tofino
- Have lived in Tofino for 2 of the last 3 years
- Make less than $80,000 per year
- Don't own any other real estate
The price hearkens back to Vancouver in the early 2000s, only the District has locked in the resale value to grow only with the Consumer Price Index, which they note is about 1.5% per year. So despite winning the lottery draw to buy the home nobody will be hitting a profit jackpot with this one.
Buying a home for $210,000 in one of the greatest towns on earth could be considered a jackpot though. It will be interesting to see if the District of Tofino can pump out more of these to help solve their housing crunch.
If only the City of Vancouver owned more property than any other entity, which they could use to launch a similar initiative to slow down the hollowing out of our city. Oh wait, THEY DO.
Thanks to Simon Little at CKNW for THIS ARTICLE which brought my attention to this.