New Condominium Project for Entry-Level Homebuyers Underway in Saskatoon

Released on September 18, 2014

Construction of the Daxton II project, a new 66-unit apartment style condominium for entry-level homebuyers, is officially underway in Saskatoon.  The Government of Saskatchewan provided $12.2 million in financing assistance to the developer, North Ridge Developments Corporation, through the HeadStart on a Home program.

“Our housing priorities under the Saskatchewan Plan for Growth are to match the need for housing with supply, to improve housing affordability and to support individuals and families in greatest housing need,” Saskatoon Silver Springs MLA Ken Cheveldayoff said on behalf of Social Services Minister and Minister responsible for Saskatchewan Housing Corporation Donna Harpauer.  “We are proud to work with our partners to help Saskatchewan families improve their quality of life and grow alongside our province.”

“HeadStart on a Home addresses the current need for entry-level homes in our province,” Westcap Mgt. Ltd. President and CEO Grant Kook said.  “As housing prices increase, homeownership becomes unattainable for many people.  As the Fund Manager of HeadStart on a Home, working closely with our Credit Union partners as well as local municipalities like the City of Saskatoon, we are very pleased to report that HeadStart on a Home currently has 1,294 homes either completed or under construction.”

Located at 915 Kristjanson Road in Saskatoon, the Daxton II project consists of 66 one-bedroom, one-bedroom plus den and two-bedroom apartment style homes ranging in size from 628 to 1,045 square feet (58.34 to 97.08 square metres).  The purchase price of the homes ranges from $185,900 to $368,500.  Each home is also covered with new home warranty protection.  The first units of this project are expected to be ready for occupancy in November 2015.

HeadStart on a Home is expected to finance 1,500 new entry-level homes in five years.  Announced in March 2011, the program was originally expected to create 1,000 new housing units in five years.  To the end of August 2014, HeadStart on a Home has financed 1,294 new housing units – either completed or under construction – in three years.  An additional 390 units have been approved for financing, but are not yet under construction.  

Municipalities may apply for the loans on behalf of builders and developers.  There is $200 million in financing 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: Affinity, Conexus, Cornerstone, Diamond North, Innovation, North Valley, Plainsview, Prairie Centre, Synergy, and Weyburn, to offer HeadStart on a Home down payment 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