New Headstart on a Home Condominium Project Underway in Regina

Released on June 18, 2014

The construction of Avonhurst Heights, consisting of 28 new townhouse style condominiums for entry level homebuyers, is officially underway in Regina.  The Government of Saskatchewan provided more than $6.1 million in financing assistance to NewRock Developments through the HeadStart on a Home (HeadStart) program.

“Our government is proud to support homeownership for moderate-income households in Saskatchewan,” Parks, Culture and Sport Minister Mark Docherty said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation Donna Harpauer.  “Avonhurst Heights is one of many HeadStart projects undertaken to build solid communities throughout the province and, most importantly, help individuals and families buy a home that they can afford.  As part of the Saskatchewan Plan for Growth, we value the work of our community partners to help us achieve this goal.”

“HeadStart on a Home is a made-in-Saskatchewan solution that will help sustain our current growth and prosperity in this province,” Westcap Mgt. Ltd. President and CEO Grant Kook said.  “As the Fund Manager, we are very pleased to report that HeadStart on a Home has financed 1,218 homes that are either completed or currently under construction, including this 28-unit project in collaboration with the City of Regina.”

The project is located at 3440 Avonhurst Drive in Regina, which is the former location of St. Timothy’s Lutheran Church.  Avonhurst Heights consists of a combination of 1,235 square feet or 114.74 square metre, two-storey units with three bedrooms, 1,278 square feet or 118.73 square metre three-storey units with two bedrooms and attached garages; and 1,453 square feet or 134.99 square metre three-storey units with three bedrooms and attached garages.  The purchase price of the units ranges from $292,000 to $345,000.  Each unit is covered with new home warranty protection.  The project is expected to be completed in winter 2015.

HeadStart on a Home was announced in March 2011 to finance construction of at least 1,000 new entry-level homes over five years.  Builders and developers are eligible for construction loans of 90 per cent on the construction cost of the homes, including land, at an interest rate of four per cent.  HeadStart projects have been delivered in 14 communities around the province.

Municipalities may apply for the loans on behalf of builders and developers.  There is $200 million in funding 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.

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

Westcap is partnering with Saskatchewan credit unions (Advantage, Affinity, Conexus, Cornerstone, Diamond North, Innovation, North Valley, Plainsview, Prairie Centre, Synergy, Spectra and Weyburn) to offer HeadStart on a Home downpayment loans for purchasers and to ensure communities across Saskatchewan have every opportunity to be a part of this housing program.  Builders who are interested in meeting their community’s housing needs may contact Westcap directly.

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

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For more information, contact:

Linda Saliken
Social Services
Regina
Phone: 306-787-0246

Grant Kook
Westcap Mgt. Ltd.
Saskatoon
Phone: 306-652-5557