Community input needed for Revy Own Home Ownership project

The Revy Own Home Ownership project is now seeking community data in an effort to narrow down housing needs for Revelstoke employees.

Created by Community Futures Revelstoke, The Revy Own Home Ownership project focuses on local policies, partnerships and criteria that could foster more home ownership for the local workforce.

Partnering with the City of Revelstoke, Community Futures recently launched a public survey focused on potential buyers’ employment, household makeup and current financial situations. Data will be used to develop eligibility rules, resale price caps and housing designs.

“This survey is an important next step in shaping Revy Own,” said Kevin Dorrius, Community Futures’ general manager. “By hearing directly from local residents, we can make sure this program reflects actual housing needs for the people who work and live here.”

At a Tuesday, July 8 city council meeting, Dorrius shared that Community Futures is aiming for shovels in the ground for the first Revy Own building by 2027 with occupation by 2029. The City of Revelstoke has committed municipally-owned land to support the first phases of Revy Own, underscoring council’s commitment to addressing the community’s housing challenges. 

“The city is proud to partner with Community Futures on this important initiative,” Mayor Gary Sulz wrote in a press release. “Housing affordability is a top priority for our community, and this program will help keep Revelstoke livable and sustainable for the people who contribute every day to our city’s vibrancy.”

The survey is open until Sunday, November 30.

What is Revy Own?

With a goal to build eligibility policies prioritizing long-term Revelstoke residents and employees, the Revy Own project could help fill Revelstoke’s housing gap. 

Dorrius explained to council the project aims to give new homeowners a chance to build equity while moderating resale prices to preserve long-term affordability. 

With affordable staff housing often cited as a struggle for businesses and industries in town, Revy Own could bolster future recruitment and retention.

Community Connections is working with local organizations to support residents seeking home ownership, including developing lending opportunities with the Cascadia Credit Union Revelstoke team (formerly Revelstoke Credit Union).

“I would like to have, when we’re all set to roll out, a mortgage product that is ready to go, that has been well thought out,” Dorrius told council at the July 8 meeting.

Even with potential fluctuations in the housing market over the coming years, Dorrious doesn’t see the need for the Revy Own Home Ownership project dropping anytime soon. 

“I don’t think [housing market turbulence] actually changes the reality for the target buyers that we’re looking at,” Dorrious said, adding the project could help the overall housing market.

When asked by Coun. Austin Luciow if the planned builds will include auxiliary units for owners to use as short-term rental properties as a way to participate in Revelstoke’s tourism economy, Dorrious said feedback from other communities working on home ownership projects such as Whistler have warned against mixing the two products.

“As soon as you start to throw the rental side of things into it then it also creates some unanticipated problems.”