About PAH

Find out if PAH is right for you!

PAH is for people who live and work in Canmore. It brings homeownership within reach and provides affordable rental options to eligible residents. To find out if PAH is for you, read the frequently asked questions below. You can also contact the Canmore Community Housing Corporation (CCHC) for more information or attend an information session.

What does “perpetually affordable” mean?

PAH is a community investment in Canmore's housing infrastructure, which allows CCHC to provide homes at below-market prices to eligible households. To ensure that the community's investment and the "perpetual affordability" are retained for the benefit of future residents, resale and rental price formulas are used. This means that if you own your PAH home, a resale price formula indexed to inflation is used to calculate how much your home may increase in value each year. If you rent your PAH home, you can be assured rental rates will remain at least 10% below market rental rates.

Who is eligible for PAH?

Applicants must meet specific criteria based on employment, residency, income, asset and other qualifications as determined from time to time. These criteria demonstrate a connection to Canmore and a need for affordable housing.  Full details can be found in the application packages or by contacting  the CCHC office.

Rental Eligibility at a glance | Ownership Eligibility at a glance

Are there other requirements?

PAH homes must be the applicant’s permanent, primary residence. If you own your home, housemates and boarders are permitted as long as a titled owner remains in permanent residence.

Why should I purchase a "perpetually affordable" home?

The PAH program enables households unable to pay Canmore market prices for equivalent homes to get into homeownership and build equity even with the resale price formula. Let’s use the example of a $250,000 PAH home. The resale price formula allows for a  1.98% increase in 2010, 3.19% in 2011, 1.65%  in 2012, 0.99% in 2013 and 2.20% in 2014. This means that at the end of 2014, the maximum resale price of the home would be $276,013. That’s a potential gain of $26,013 in five years. And don’t forget the equity built by paying a mortgage rather than paying rent.

How do I buy or rent a PAH home?

Submit an application form and supporting documentation to CCHC. We will process your application and confirm your eligibility to buy or rent a PAH home. This gets you on the PAH List of pre-approved applicants to buy or to rent, which is used by CCHC in administering the sales and rentals of PAH units. When a new, resale or rental PAH home becomes available, pre-approved applicants are contacted first.

Purchasing a perpetually affordable home is a personal and financial decision.  When you buy PAH by CCHC, you are purchasing a condominium leasehold interest in the property that gives you ownership for up to one hundred years.  Once you have been approved, the process to buy a PAH home is the same as to buy a non-PAH home. You will make your own arrangements for mortgage financing and make an offer to purchase. CCHC does not act as an agent on your behalf in this process, but we can provide you with a list of lenders/brokers and lawyers who are familiar with the PAH Program to provide you with independent advice.

We encourage applicants who are thinking of buying within the next two years to get on the PAH List now as you never know when the right PAH home for you will become available.

What else do I need to know?

Buying a home is one of the biggest financial and lifestyle decisions you will make. Be sure that you are prepared and fully informed.

Check out these forms & resources.