Every week there seems to be another news report on how ridiculously unaffordable it is to own a home in Vancouver. The idea of homeownership in this city seems foolish to many. With skyrocketing prices and substantial down payments required, many think their only choice is to rent, but now there is an opportunity to purchase a home in Gastown with as little as $5,400 down and $1,300 a month!
Real estate developer, MyGastown Development, has developed an innovative program in partnership with Vancity Credit Union, to help local renters become homeowners – they’re seriously changing the game! The Developer has recently launched a pre-sale development in trendy Gastown called InGastown. This development offers 61 condos and allows purchasers to own a home with just 2% down – in comparison to the 20% expected by other developers. With 500 square foot homes starting from $269,800 and 60% of the homes below $300,000, these homes are within reach for many local residents.
These homes aren’t “micro-homes” – they’re larger, more usable spaces, where quality of life isn’t compromised. In many of the city’s new developments, homes at $269,800 are in the 400 square foot range, but at InGastown, they’re at least 500 square feet – a noticeable difference. If you’re currently paying $1,500 a month in rent, there are 23 homes at InGastown that you can afford!
This developer is a true trailblazer in their industry. Efficient building design and innovative building practices are coupled to provide something lacking in Vancouver – affordable homes. Given these affordable price points, you might expect sub-substandard finishings in these homes but the total opposite is true. These Gastown homes are of higher quality than anything on the market right now – full concrete construction, polished concrete floors, sleek kitchens with integrated appliances, spa-like bathrooms and a common rooftop deck. These homes are the definition of quintessential Gastown living.
Located at 150 E. Cordova, this 9-storey concrete building is a stone’s throw from Gastown’s finest restaurants, trendiest bars and most fashionable boutiques. Just around the corner from Gassy Jack, InGastown offers quick access to Portside Park, major transit lines and downtown amenities.
One of the newest homeowners is Alex Chuang, Program Director at Launch Academy, Vancouver’s leading entrepreneurship facility. A home at InGastown “stood out to me as a great investment because it is located in the heart of the tech community in Gastown,” said Chuang. “Half a block away is the 100,000 sq. ft. Vancouver Police Station that will become the Vancouver Technology Centre, which will provide office space for more than 1000 people. As an entrepreneur, I am very excited to own a part of a growing and vibrant community”.
Homes have been selling quickly, so quickly that the Developer has reached and surpassed sales milestones as has decided to close the Presentation Centre on December 15. The city recognizes that an opportunity like this doesn’t present itself very often – evident in the sales results. Make sure to visit the Presentation Centre before it closes to take advantage of this opportunity. Until December 15, the Presentation Centre is located at 140 West Cordova where a sales team can lay out the steps to affordable homeownership.
InGastown Presentation Centre
Address: 140 W. Hastings, Vancouver
Contact: 604-568-0228 or info [at] ingastown.com
Renderings of InGastown
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