We asked an expert about what it takes to get a reduced mortgage rate in this stunning Burnaby tower

Owning a home in BC just got a whole lot more attainable. 

SHAPE is a real estate investment, development, and management company behind some of the most impressive developments across Canada, and they have a program in place to make homeownership more accessible with reduced mortgage rates.

Daily Hive spoke to SHAPE’s sales director about what this mortgage rate means for new homeowners and how to qualify.

Getting a reduced mortgage rate

Tower Three at The City of Lougheed

If a mortgage has you on the fence about considering homeownership, think again. SHAPE understands that current mortgage rates are intimidating, which is why they’re offering a SHAPE Exclusive Mortgage Rate Program in partnership with two of Canada’s largest banks to make homeownership more accessible. 

Under this program, the mortgage interest rate is reduced to 2.99% and is fixed for a term of three years. In addition, the minimum qualifying rate is reduced to 5.25% which is significantly lower than the current market qualifying rates, which are estimated at around 7.25% or higher in today’s market.

“When you combine this below-market interest rate with easier qualifying conditions, it really lowers the barriers to homeownership,” Andrea Sing, Director of Sales at SHAPE, tells Daily Hive.

“More people can now consider buying a home who might have felt it was out of reach before. A first-time homebuyer told us they were finally able to qualify for a home they loved, without settling on location or must-haves, because of the reduced qualifying rate.”

How to qualify

Tower Three at The City of Lougheed

Any homebuyer who meets the mortgage qualifying requirements of participating bank partners can take advantage of the program, making it a great option for hesitant buyers and investors alike. 

Based on recent feedback from new buyers, the opportunity to own a property for less than you’d pay to rent is remarkable in today’s economy.

“Homebuyers are excited about the opportunity of owning a home for less than renting one because, under this program, monthly mortgage payments are lower than monthly rental rates,” says Sing. “On the other hand, investors like the idea of earning rental income immediately, which could cover their mortgage payments.”

Sing also mentions that increased savings can go towards enhancing quality of life, whether for travel, leisure activities, building an emergency fund, or making custom home upgrades. 

Added value at Tower Three

Tower Three at The City of Lougheed

Tower Three is SHAPE’s latest Burnaby project, a 37-storey tower comprised of move-in ready homes. Between the world-class amenities, modern design, on-site SkyTrain, shopping centre, and PriceSmart Foods, it’s easy to imagine how seamless your lifestyle can be here with every urban convenience at your doorstep.

The brand-new, move-in-ready homes at Tower Three offer buyers exceptional value, outfitted with premium suite features such as Italian kitchen cabinetry and integrated Bosch appliances, along with over 22,000 square feet of modern amenities designed to be an effortless extension of the home. We’re talking about a fitness studio, entertainment areas, rooftop lounges, children’s play areas, and more.

Tower Three’s central Burnaby location offers some of the city’s best schools, parks and recreation minutes away. And because property values tend to appreciate over time, owners can get a good return on their initial investments and help build generational wealth.

With Tower Three completing the inaugural first neighbourhood in this 37-acre master plan, the future is certainly bright with much more to come at The City of Lougheed.

“It’s an asset that can be passed down to future family members, providing them with financial stability and a valuable inheritance,” says Sing. 

The SHAPE Exclusive Mortgage Rate Program is being offered for a limited time only, so interested buyers are encouraged to take advantage of it as soon as possible.

Contact a sales associate at [email protected] or 604-328-7128, or visit Tower Three to learn more about how you can get your dream home AND dream mortgage!