October 23, 2015

HeadStart On a Home Project Opens in Prince Albert

The community of Prince Albert is celebrating the grand opening of WillowView Condominiums, a 63-unit apartment-style complex for entry-level homebuyers.

“Our government’s goal is to improve housing affordability and to support individuals and families in greatest housing need, making key investments to support homeownership for moderate-income families in Saskatchewan,” Prince Albert Northcote MLA Victoria Jurgens said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation Donna Harpauer.  “HeadStart on a Home projects contribute to attainable housing in 18 communities around the province, including Prince Albert.  By working with Westcap Mgt. Ltd. and other community leaders, we are ensuring that housing needs are being met and keeping Saskatchewan strong.”

“As the Fund Manager of HeadStart on a Home, Westcap is very pleased to report that HeadStart has committed more than $410 million to construct entry-level housing across the province,” Westcap Mgt. Ltd. President and CEO Grant Kook said.  “The HeadStart on a Home program, in collaboration with local municipalities, builders and Credit Unions across the province, are helping young professionals, newcomers to Canada, single parents, or even seniors looking to downsize, become homeowners through projects like WillowView Condominiums in Prince Albert.”

The target sale price for homes constructed through HeadStart on a Home is at or below the MLS average sale price for a similar unit in each community.  The homes may include condominiums, multi-unit dwellings, single-family dwellings, modular homes or ready-to-move units.

Located at 1501 – 15th Street East in Prince Albert, WillowView consists of 63 one- and two-bedroom apartment-style units in a four-storey building with dual elevators and a heated underground parkade.  The units range from 696 to 1,065 square feet (64.66 to 98.94 square metres) and include balconies and six appliances.  Including GST, the purchase price of the units range from $169,000 to $267,000.  Each unit is covered by new home warranty protection.

The Municipality of Prince Albert has contributed to the HeadStart on a Home Program by offering qualifying purchasers down payment grants up to $17,500 toward the purchase of a WillowView unit.  Westcap is partnering with local Prince Albert Credit Unions (Affinity, Conexus, and Diamond North) to offer purchasers of WillowView units the opportunity to own their own home, even if they have not been able to save for a down payment, by financing the down payment at prime through the HeadStart Equity Builder ProgramTM.

When introduced, HeadStart on a Home was expecting to finance 1,500 new entry-level homes in five years.  To the end of September 2015, HeadStart on a Home has financed 1,978 new housing units that are either complete or under construction, in just four years.  An additional 250 units have been approved for financing, but are not yet under construction.  Financing is available for the program through the Federal Immigrant Investor Program, which flows through the Saskatchewan Immigrant Investor Fund Inc. (SIIF), managed by Westcap Mgt. Ltd. (Westcap).

SIIF is a subsidiary of Crown Investments Corporation.  Builders who are interested in meeting their community’s housing needs may contact Westcap Mgt. Ltd. directly.

For more information about HeadStart on a Home, visit the website at www.headstartonahome.ca.

For more information about WillowView Condominiums, visit the website at www.willowview.ca.