FAQ

Holland Park has so much to offer you, and we're delighted to explain in more detail to you. Below are some of our most frequently asked questions we've received regarding our newest SE Calgary townhome project based in Walden. We're compiling all the inquiries that we've received so far, stay tuned!

  • A Holland Park townhouse is a great alternative for people who want the feel of living in a single-family home but can’t afford the more expensive price tag, especially in sought-after neighbourhoods. Although you share at least one common wall, unlike a condo, you own the land your townhouse sits on, you have your own entrance, a garage, a small front yard and backyard patio.

    Best of all, townhouses are lock and leave, low maintenance living at its best – your strata fees cover garden/lawn upkeep, outside repairs, and more. Finally, there’s a real sense of security and community that comes with having neighbours living so close to you.

  • Freehold merely indicates the amount of freedom and responsibility that you have as a townhouse owner. If you buy a freehold townhouse, you own the residence, both inside and out. That means you aren’t under the auspicious of a strata corporation. So, if you want to paint your garage door purple, no one will stop you. However, you will be responsible for covering the costs of any upgrades, repairs, and upkeep of your home.

    A Holland Park condo townhouse, on the other hand, means that you own the interior, while the exterior of the building and the land that it sits are collectively owned by you and other owners of the townhouse complex that are part of a condominium corporation. Therefore, costs are shared amongst the owners through monthly strata fees.

  • Yes! The Federal Government’s Home Buyers' Plan (HBP) allows first time home buyers to borrow up to $25,000 from your tax-free Registered Retirement Savings Plans (RRSPs) for a down payment.

    A caveat: you must have a written agreement to buy or build the qualifying home before the time of the withdrawal.

    You then have 15 years to repay the amount you withdrew, starting in the following year after you pull out the funds. However, you can repay the amount in part or full anytime prior to that. After the repayment period is over, any unpaid amount in a year will be included in your income for that year.

  • The Shared Equity Program is another Federal Government, INTEREST FREE incentive aimed at assisting first time home buyers get into the real estate market. Starting on September 2, 2019, the Canada Mortgage and Housing Corporation (CMHC) will kick in up to 10 percent of the purchase price of a new home, providing the borrower comes up with the minimum amount for an insured mortgage, which is now at five percent.

    So, let’s say you want to buy a home for $400,000. Normally, you would have to put down $20,000 down payment and take out a mortgage for $380,000 — but under the new program (if it's a newly constructed home), CMHC could kick in $40,000 toward the purchase price, bringing your mortgage down to $340,000, instead of $380,000.

    In exchange for this Shared Equity Program, CMHC would be entitled to any increase in the value of a home when you eventually sell. However, in the unlikely event your home depreciates, the government would share in the loss.

    NOTE: Applications will be accepted as of Sept. 2, 2019 for home sales that will close no earlier than Nov. 1, 2019.

    Who can apply?

    1) Canadian citizens, permanent residents, and non-permanent residents who are legally authorized to work in Canada

    2) Borrowers must have a maximum qualifying income of $120,000 per year or less. This is subject to qualifying income requirements set out by lenders and mortgage loan insurers

    3) At least one borrower must be a first-time homebuyer, as per the definition below.

    Are you a first-time homebuyer?

    You are considered a first-time homebuyer if you meet one of the following qualifications:

    • You have never purchased a home before

    • You have gone through a breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements).

    • In the last 4 years, you did not occupy a home that you or your current spouse or common-law partner owned.

    IMPORTANT: It’s possible that you or your spouse or common-law partner qualifies for the First-Time Home Buyer Incentive (if you are in a married or common-law relationship) with the 4-year clause even if you’ve owned a home.

    What are the terms of repayment?

    The first-time homebuyer will be required to repay the Incentive amount after 25 years or when the property is sold, whichever comes first. The homebuyer can also repay the Incentive in full at any time, without a pre-payment penalty. Refinancing of the first mortgage will not trigger repayment.

    How is repayment calculated?

    • If a homebuyer receives a 5% or 10% Incentive, the homebuyer will repay 5% or 10% of the home’s value at repayment.

    • Repayment is based on the property’s fair market value.

    • For more information, visit https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive. There is a lot of good information on this site, in addition to providing some specific examples of how the program would work.

E-mail: [email protected]
Telephone: 403-807-3191

4 Walgrove Common SE
Calgary, Alberta T2X 4C2

Monday - Thursday: 2 - 8pm
Weekends & Holidays: 12 - 5pm

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