Posted 21 May, 2019
The Buying Benefits of The Right PACE Deposit Structure
If you’re like the vast majority of adults under 40, then chances are you’re finding it a little difficult to save up to buy a house. Maybe you’ve been working towards this goal for years, or maybe it’s still a far off pipe dream. But, whatever your situation, the fact remains that buying a property just isn’t in the cards...or so it seems.
Quite obviously, the biggest hurdle is coming up with the dough for the down payment. Never mind buying with cash, the cold fact remains that most of us would be applying for a mortgage, and thanks to current stress tests employed by the banks, buyers are now required to put down a larger initial deposit. This is where the vast majority of new buyers come up against a roadblock, especially those already living in the GTA.
According to recent financial reports, the cost of living in the GTA has been steadily sky-rocketing, even in just the last couple of years. It’s to the point now that the typical young person living in the city requires an average salary of approximately $50,000 just to survive, and that’s without any dependants in the picture. With a figure like that, it’s no wonder so many are struggling just to get by. Add to that the rising property prices in the GTA, and you’ve got a disheartening recipe for hopelessness.
It is because of this daunting situation that many-a young folk are turning their eyes northward, especially to places like Barrie. Contrary to Toronto, housing prices in Barrie are actually very reasonable. For the price of an extremely modest apartment or condo unit in Toronto, you can get a full townhouse in Barrie, and it’s places like Urban North that make it even easier than you might think, thanks to the RIght PACE Deposit Structure.
If you don’t have the cash to pay the down payment up front and this fact has made you despondent in the face of the imposing housing market, then worry not. Urban North has a special down payment structure called the RIght PACE Deposit Structure that seriously reduces the requirements for buying a home.
After you get approved for a mortgage (townhomes start in the high $300s and feature up to 2,142 square feet) and you select your preferred floor plan you can take advantage of The Right PACE Deposit Structure in order to finally realize your dreams of home ownership!
For the Back-to-Back and Urban townhome units, you simply need to bring $2,500 on signing, then pay $1,250 each month for 18 months, and that’s it! This means you stagger the full cost of your down payment over a whopping 18 months rather than paying it all up front, thanks to the RIght PACE Deposit Structure.
If the Executive townhomes are more your speed, then the Right PACE deposit structure varies somewhat. It would be $2,500 on signing and then $2,500 per month for 17 months. However, the fact remains that once the down payment is completed and you take possession, the mortgage payments would roughly be equivalent to the cost of renting in the GTA. In the right circumstance (depending on the value of the townhome) you could be looking at a monthly mortgage payment substantially less than the cost of renting in the city! Allowing you to buy a great home is what the Right PACE Deposit Structure is all about.
Now, you might be thinking, “Hey there disembodied blog writer, Urban North and the Right PACE Deposit Structure sound pretty great, but I can’t just abandon the city, my career is there after all!”
To which I’ll say, “It’s all good!
Urban North struck the deal of a lifetime and is strategically situated just a short walk to the Barrie South GO Station. In fact, it’s so close to the Station it’s practically placed directly within it! Plus, there’s a dedicated walkway taking you immediately to the Station itself. This means you’ll get to own a brand new townhome, keep your career in the city, and enjoy a commute while basking in comfort and style.
Guess what fellow mature Millennial? Home ownership is absolutely a real possibility for us, thanks in large part to payment plans like the Right PACE Deposit Structure.
We work hard, and we also know how important it is to enjoy every precious moment life gives us. What’s more, is we don’t have to be dissuaded by a runaway housing market tempered into unaffordability by previous generations (thanks mom and dad). Urban North is cool, it’s incredibly convenient, and it’s connected to the life you know.
Don’t let this chance pass you by, take control of your life in the best way possible and find your own, personal, freedom - at Urban North.