Update (December 6, 2016): The 2nd Mortgage Loan pilot program is replaced with a new more flexible Prescribed Interest Rate Loan (PIRL) option. Please click here for details.?
Background
On February 4, 2014, the UBC Board of Governors approved a 3 year (150 spots) pilot Restricted Faculty 2nd Mortgage Loan program for up to 33% of the purchase price of a new home (maximum up to $330,000) in designated new projects on campus. While this program remains live for those participants approved in 2014, 2015 and 2016 respectively, but have not yet purchased a home in Metro Vancouver, the pilot is concluded and will not be continued for new applicants. This program is now replaced with the Prescribed Interest Rate Loan (PIRL) option to be operationalized early in 2017.
The remaining active and approved participants still planning to use the program before the expiry in 2017, please:
- Refer to the Program Description (PDF) for full text description.
- View full details on eligibility, allocation and repayment of the loan.
- Review the Repayment & Resale page on repayment process and triggers.
- Watch the webinar summarizing the 2nd Mortgage Loan option, eligibility and repayment conditions.
- Review Financial Information
- It will be the responsibility of the faculty member to find their own 1st mortgage loan for their home purchase.
- The first lender will typically expect borrowers to have at least 5% downpayment + GST and all closing costs.
- The faculty member would be responsible for all strata fees, property taxes, taxable benefits, utility and service levies charged against the property.
- The faculty member would also need to provide proof of insurance against damage to the property.
- Developers selling new lease units (designated units) on campus also set their own deposit requirements to be paid either at time of initial sale or stages between signing and final closing date. These deposits often range from 10% – 25%. Faculty members should enquire directly with developers.
- Review important taxable benefit information related to the 2nd Mortgage Loan option.
- In addition to the 2nd Mortgage Loan, approved faculty are also able to use the $45,000 Down Payment Assistance program (but not the Mortgage Interest Assistance program
- View Location & Projects
The designated market projects consist of leasehold interests in strata lots (“units”) being offered for sale by the lessee’s holding the leasehold interest (“developers”). The location of those designated projects that can be purchased under this program is shown below. Faculty may use their 2nd Mortgage Loan to buy any available new unit within these projects. Units are available for lease only from the developers through a disclosure statement filed by the developer. Information on these units may be found via the below links. UBC is not marketing or selling these units, and this information does not constitute an offering for sale of any of the housing units. New ‘designated’ projects will be added to this list in the future. Please note that the number of available units is always changing.
- Virtuoso by Adera (estimated completion date: Late 2017/ early 2018)
- Please contact Adera for information:
Email: virtuoso@adera.com
Telephone: Sales Manager, Linda Therrien at (604) 221-8878.
- Please contact Adera for information:
- Eton?by Polygon (estimated completion date: Early 2019)
- Please contact Polygon?for information:
Email: eton@polyhomes.com
Telephone: Sales Manager, Wendy Lei?at (604) 221-8598.
- Please contact Polygon?for information:
From time to time, some of the developers mentioned on this website may provide events and incentives unique to UBC Faculty and staff, supplementary to and separate from the UBC Faculty Home Ownership Program. Visit the Discover Wesbrook website for further information.
- Virtuoso by Adera (estimated completion date: Late 2017/ early 2018)
- It will be the responsibility of the faculty member to find their own 1st mortgage loan for their home purchase.
PIRL Transition Option
Approved participants in the 2nd?mortgage loan program continue to be eligible to purchase under original program terms until the end of their respective approved term (March 2017 for Cycle 1 and 2 participants and Septermber 2017 for Cycle 3 participants) or, if they have not yet purchased a home in Metro Vancouver, they can alternatively opt to use a Prescribed Interest Rate Loan (PIRL) value $250,000 or 33% of the value of the home purchase, whichever is less, to be exercised within 5 years.
