Photo by: Mario Pagnotta
The journey towards purchasing your first home is an exciting milestone, filled with anticipation and the promise of a brighter future. For those embarking on this new path, City Gardens’ Trillium presents a variety of perks and benefits to turn those aspirations into reality.
Mortgage offers.
As part of Canada’s Budget 2024, first-time home buyers will be able to extend their mortgage repayment period from 25 to 30 years for new construction purchases, starting August 1st, 2024.
“This means that first-time buyers purchasing new builds such as Trillium will be able to extend their amortization limit or repayment period by five years, enabling them to pay a lower monthly mortgage payment to a number they can afford,” explained Sarah Mathieu, mortgage broker with Mortgage Tech. “Right now, is the perfect time to buy new construction because interest rates are predicted to go down in the next few years, so if buyers lock a price with City Gardens today, they can get a 30-year mortgage with a smaller payment with lower interest rates. Even though they might pay more interests over time, it helps people get in the market.”
Tax savings.
First-time home buyers at City Gardens can also take advantage of the property tax exemptions for newly built homes. The newly built home exemption, made effective on April 1, 2024, reduces or eliminates the property transfer tax on qualifying purchases of a principal residence.
As a result, the fair market value threshold for a full exemption for newly built homes has increased from $750,000 to $1,100,000.
“Prior to this, properties up to $750,000 did not have to pay property transfer tax, which is a percentage of the purchase price,” explained Mathieu. “With City Gardens being upwards of that price range, extending the value threshold allows homebuyers to save on the transfer tax.”
Buy now, pay later.
City Gardens also offers a flexible payment structure known as ‘Buy Now, Pay Later.’ Brendan Shaw, Managing Broker for Brendan Shaw Real Estate, explains that buyers at Trillium may only need to provide a deposit with their offer, with the bulk of the purchase price due upon completion in 2025. This approach alleviates immediate financial pressure, allowing first-time buyers to save more towards their down payment while securing their future home.
Beyond these financial perks, City Gardens boasts numerous features that appeal to first-time home buyers.
Besides its prime location that offers proximity to amenities, restaurants, and other conveniences, Trillium stands as a Class A condo building, well-located in the market and professionally managed to guarantee both comfort, and modern living to residents.
Additionally, Trillium offers a lifestyle that blends convenience and sustainability. The incorporation of new technology, such as EV car chargers, reflects City Gardens’ commitment to environmental sustainability.
With all the financial incentives available, as well as Trillium’s prime location and modern amenities, this 24-storey tower is the ideal choice to set the stage for an exciting new chapter in your life, offering not only a place to live but a vibrant community where you can truly feel at home.
*Buyers are recommended to seek independent legal and accounting advice with regards to any eligibility for mortgage or tax incentives.
