For those looking to enter the housing market, the term “Buy Now, Pay Later” can almost seem too good to be true.
According to Sarah Mathieu of Mortgage Tech, “Buying a condo is one of the easiest ways to get into the housing market for first-time home buyers.” It is also a fantastic opportunity for seniors or homeowners looking to downsize.
Saving up for a down payment may seem like a big challenge, and this is where a flexible payment structure, like ‘buy now, pay later’ with City Gardens, can be a great benefit.
“I’m often asked what ‘Buy Now, Pay Later’ means for a potential purchaser,” says Brendan Shaw, Managing Broker for Brendan Shaw Real Estate. “Some buyers are surprised to learn that the deposit structure for City Gardens’ Trillium Tower requires a deposit with their offer, and that deposit may be as little as 10%*. This means that the bulk of the purchase price won’t be due until Trillium is completed, estimated for 2025.”
This is good news for many home buyers who have already purchased or are looking to buy at Trillium during the pre-sale phase.
“The benefit of purchasing a suite in Trillium during pre-sale is that buyers may enjoy preferential pricing before the build of the tower is complete, with minimal up-front costs.”
If you’re considering purchasing at City Gardens, here is a step-by-step guide to the deposit process:
Step 1: place a deposit with the Kelson Group
Step 2: your deposit is held in Trust until project completion
Step 3: upon project completion, your deposit transfers to a solicitor (lawyer or notary)
Step 4: on completion, when the balance of the mortgage and down payment are due, the solicitor applies the deposit to the initial down payment.
For more information on Buy Now, Pay Later, connect with Brendan Shaw at 778.471.1498 or Sarah Mathieu at 250.574.7399
*Terms and conditions regarding deposit structure are subject to change without notice—10% deposit on qualifying purchases for owner-occupied units for a limited time.