Frequently Asked Questions

What makes a CLT home affordable?

CLTs work with government agencies, other not-for-profit organisations, and community partners to subsidise the cost of building homes through donations and grants. We work hard to keep the initial building costs as low as possible, and pass this affordability on to residents by selling homes at-cost. (Unlike standard developers, the NCLT does not make a profit on the sale of any homes.)

CLT homes remain affordable forever, because homeowners must agree to price controls that govern the resale value of their home. Rather than fluctuating with the standard housing market, CLT resale prices account for inflation and value-added through renovation or improvements. This model allows homeowners to build equity in their homes, while preserving affordability for successive buyers.

Who can buy a CLT home?

CLT homes are intended to serve limited income, working class people and families. Prospective home buyers may not exceed a designated income threshold (this varies, depending on unit type). They must also sign a statutory declaration, stating that they do not have the resources required to purchase a comparable home at standard market rates, and agree to the not-for-profit terms that make these homes “affordable forever”. All home-buyers must secure their own financing.

How is the initial sale price set for a CLT home?

The initial sale price of a CLT home is set at a discount to its independently appraised value. The homes are sold at an average 31% discount to appraised value. A summary of the independent appraisal report can be found here.

The NCLT has applied larger discounts to certain homes to enable households under a lower income cap to access these homes. NCLT bylaws commit the CLT to further social and financial equity by endeavouring to ensure the pursuit of its objectives across the diversity of the community.

Are CLT homes available for rent?

Our homes are built to be lived in, not for profit. CLT homes must be owner-occupied, with no rentals (long or short-term) allowed. In exceptional circumstances, a one-time-only temporary rental may be permitted upon application.

Am I allowed to renovate my CLT home?

Yes, you can make alterations to your home.  Significant changes to your home should be in accordance with the Condominium Declaration.

How is the resale value of a CLT home calculated?

The resale price of a CLT home is fixed to the rate of inflation plus the value of improvements that are made to the home by a homeowner. The inflation rate is determined by the Consumer Price Index (CPI). 

This means that homeowners will be passing along the savings they receive to the future owners of these homes, allowing for each homeowner to build equity in their home, while preserving affordability for the future.

Can I pass my CLT home onto my children?

Yes, as a homeowner you can pass your home on to heirs as a part of your estate.

Is this a cooperative or social housing project?

No. You may be more familiar with cooperative housing (which is built around group decision making, community events, and a philosophy of shared responsibility) or social housing (rental units owned or subsidised by the government, often in a way that is tied to household income) but we are neither. While we share a mission to expand access to secure housing and champion rich community life , the CLT model is built on private ownership, and measures affordability against the standard market rather than in relation to household income.

How will the CLT allocate the single-parent family homes?

Eight of our homes (seven 2-bed and one 3-bed) are designated with a single-parent family preference. These are sold at lower prices with a lower household income cap.

If there are no eligible applicants for these homes they will be sold to another applicant who must still qualify under the same lower income cap.

Who owns the Northern Community Land Trust?

The Northern Community Land Trust is a non-profit society that has a board of directors, it is not owned by anyone.

Who oversees operations for the NCLT?

As our Executive Director, Mark Wickham oversees all NCLT operations. You can learn more about him and our board of directors here.

What's the fine print?

The legal documents for Project 1096 are linked below. The attached drafts will be finalized in time to convert reservations to sales.

Contract Purchase & Sale
Option Agreement
Restrictive Covenant
Condo Declaration
Condo Bylaws

This list of FAQs will expand with your feedback! If we haven’t we haven’t covered your question, please don’t hesitate to reach out for more information.