Building Your Home at Canyon Ridge – Summary
All homes at Canyon Ridge must be constructed in accordance with the Design Guidelines. These are intended to promote mountain style architecture within the subdivision and ensure that all homes meet a superior standard of design and construction.

Homes must be built in accordance with B.C. Building Code and municipal zoning and bylaws. A Town of Golden Building Permit is required prior to construction.

All home construction must start within 2 years from the date Lot Title is conveyed to the Owner. Construction and Town of Golden approval must be completed within 18 months of construction start date.

Homes must be built using one of the three selected homebuilders that are building show homes in Phase 1 at Canyon Ridge. These have been carefully chosen for their expertise and are required to be licensed general contractors in B.C. (see www.hpo.bc.ca). It is the Owners responsibility to ensure that adequate warranty is provided.

Reservation Agreement
A lot can be put on hold by way of a reservation agreement and a CDN$10,000 fully refundable deposit.  Reservation Agreements may be downloaded on this site. Contact the Canyon Ridge Information Centre for more information at 1-866-344-5055  (in North America), or 1-250-344-5055, or email info@canyon-ridge.ca

Purchase Contract
Once the buying decision has been made the lot that is on hold is referenced in a purchase contract and  it becomes a firm and binding purchase.

Deposits
An initial deposit of CDN$10,000 is required at time of writing a reservation agreement.  Cheques should be payable to Fairley & Scott. If funds are to be electronically transferred please contact info@canyon-ridge.ca or call Canyon Ridge Information Centre for wiring instructions.

Design Approval Process – Summary
A CDN$5,000 deposit must be submitted before design approval is granted and construction commences; CDN$1,000 of this deposit is used to cover the cost of the review process by a design professional and is non-refundable, the remainder of the deposit will be refunded when the house and landscaping are completed according to the approved plans.

Financing Your Purchase
In the case of Canadian residents, up to 50% of the lot purchase price can typically be financed. You may wish to contact the following mortgage specialists to discuss financing your lot purchase and home construction:

Mike Macklem, Mortgage Broker
Garibaldi Mortgage Centre
www.garibaldimortgage.com
Suite 103 - 509 9th Avenue North
PO Box 97, Golden, BC
Tel: 250-344-0045
Toll Free: 1-877-932-2688 ext 22
Email: mike@garibaldimortgage.com

Paul Pupo
Columbia Valley Credit Union
Tel: 250 344 2282
Free: 1-888-298-1777
Fax: 250 344 2117
Email: cvcu@cvcu.bc.ca
Apply Online: https://www.prolender.net/pl54/public/public.asp?cuid=80933010

GST
Goods and Services Tax (GST) (5% of the purchase price) must be considered at the time of purchasing a Canyon ridge lot and is payable at time of closing the sale.

BC Property Transfer Tax
This tax is also due at time of closing the sale. Such tax is currently assessed at 1% on the initial $CDN 200,000 and 2% on the remaining amount.

Closing of sale - process
You will need a lawyer who is licensed in B.C. to close the sale. You may wish to contact the following local law firms:

Fairley & Scott,  Fairley & Scott are the solicitors who have worked with us throughout the development of Canyon Ridge. They are the firm that is most familiar with the covenants, Building Scheme and other charges against title. We have always found their services to be highly satisfactory. #102-509 9th Avenue North, PO Box 989, Golden, BC, V0A1H0
Tel: 250-344-2241
Fax: 250-344-6118
Contact: Bruce Fairley or John Manuel
E-mail: fairleyandscott@goldenlaw.ca

Ewan & McKenzie: 515 9th Avenue North, PO Box 429, Golden, BC V0A1H0
Tel: 250-344-5258 or Fax: 250-344-7374
Contact: Bruce McKenzie
E-mail: blmck@telus.net

Ownership Costs
(1) Property Taxes
The ‘mil’ rate for residential properties in the Town of Golden is slightly less than .5% for 2007 (ie.$7.50 per $1000.00 of assessed value). Water, sewer, fire protection, police protection, road snow removal and street lighting are provided by the Town of Golden.

(2) Community Association Fees
All residents at Canyon Ridge will be required to pay Community Association fees. Such fees will be used to maintain facilities within the subdivision, including common areas such as the parkland, trail network and tennis court. These fees will also be allocated for maintenance of the residents Recreation Centre, anticipated to include an outdoor swimming pool, adventure play area, skating rink and changing room facilities. Initially, fees will not exceed CDN$900 per lot per annum for a period of 5 years beginning from the sale of the first lot. On a longer term basis it is expected that fees will reduce substantially as future lot phases are released.

(3) Other Utility Costs
All lots shall be fully serviced (underground) for propane (Calgas), cable, phone, electricity (BC Hydro), sewer and water. Owners are responsible for usage/hook-up costs associated with these services. A minimum charge of $25/month will apply for propane.

(4) Insurance
The owners are responsible for insuring their home & contents; course of construction insurance should also be considered.

Tax Implications of property ownership
It is the buyers’ responsibility to investigate the tax implications associated with property ownership, particularly those owners who are not residents of Canada. Please refer to the enclosed summary sheet provided by BDO Dunwoody LLP. More detailed information can be obtained by contacting the following:

BDO Dunwoody LLP
513B 9th Avenue North
PO Box 1709
Golden, B.C.
V0A1H0
Tel: 250-344-5845
Fax: 250-344-7131 Contact: Alan Litster, B Mgt, CA
E-mail: alitster@bdo.ca
Website: www.bc.bdo.ca

Useful Telephone Numbers and Websites
Golden Chamber of Commerce: 250-344-7125 & www.goldenchamber.bc.ca

Town of Golden: 250-344-2271 & www.town.golden.bc.ca

Canadian Imperial Bank of Commerce, Golden BC: 250-344-2244
www.cibc.com

Columbia Valley Credit Union, Golden Branch: 250-344-2282
www.cvcu.bc.ca

Evergreen Insurance Services, Golden: 250-344-7161 Revenue Canada: www.ccra.gc.ca