It seems developers are starting to take Vancouver’s housing crisis into their own hands. A new Burnaby development will pay half your mortgage for a full year if you’re one of 50 young people chosen as part of a new initiative.
Concord Pacific launched the “Home Ownership Made Easy” program Wednesday, which would not only cover half of your mortgage for the first year if you buy a home in their Brentwood Community development, but also reduce the initial down payment from 25% to 15%.
“On a $360,000 home you come up with a $54,000 down payment instead of $90,000, it’s much less daunting for the buyer. We hope this pilot is a success and can be built on,” says Grant Murray, Concord Pacific’s Senior Vice-President of Sales.
In order to qualify for the initiative, you must prove that you’ve lived in BC for at least two years, be buying your first home, be between the ages of 19 and 35, be a Canadian citizen or permanent resident, and you need to be registered at concordbrentwood.com. You also need to visit the presentation centre to prove you qualify.
The new development will be modelled on Concord Pacific Place, complete with a 13-acre park and electric vehicle chargers in every parking space. The company claims it will be one of the largest developments in Metro Vancouver’s history.
“Concord Brentwood is a tremendous addition to the Brentwood Town Centre plan through its focus on ensuring that park and green space is protected and enhanced as part of the ongoing development in the area,” says Burnaby Mayor Derek Corrigan.
In addition, some new virtual reality technology will allow buyers to check out condos in a more immersive way, seeing the community through different vantage points from inside the virtual home.
Buyers can visit the presentation centre to see if they qualify for the pilot program on Saturday, June 18 and Sunday, June 19.