Posted 29 Nov, 2019
The Season of Giving
The developments in real estate in the GTA are a cause for concern for many young people looking to realize a long held dream of every generation; to establish a foothold in the property market that not only allows them a solid foundation on which to grow a family, but also gives them a proven investment instrument that can serve them their whole lives
Simply put, the Greater Toronto Area is booming, with new people, especially young people from all over the country moving there in search of better paying jobs as well as the endless amenities of a big city. Demand for housing has skyrocketed, and unfortunately, so has the prices of homes. But it gets even harder. Due to new rules, stress tests and many other factors, it has become more difficult than ever to qualify for a mortgage.
Most millennials these days are renters, and that is no surprise. According to PadMapper Canadian Rent Report, the average cost of renting a 2-Bedroom apartment in the GTA is approaching $3,000 per month. Clearly they could be forgiven for asking how they could ever afford to own a home.
This situation is cast in stark relief with the realization that while many Millenials earn enough to carry a mortgage payment, cost of living realities have denied them the opportunity to save the necessary cash amount to put down a deposit.
Now it seems, there may be an answer to this dilemma. An innovative new finance model allows for a modest down payment on a townhome at Urban North, and the balance of the deposit can be spread over 18 equal monthly payments that are less than the average monthly rental in the GTA. This unique plan is called ‘The Right PACE Deposit Structure’.
PACE Developments took the plan even further to create an internationally awarded promotion called ‘Give the Gift of Home’, designed to give parents or grandparents the power to help their children finally realize their dream of homeownership. The families can help with the initial deposit, and the remaining payments are low enough to be afforded by the young couple. And the situation gets even better. Until the end of January, Give the Gift of Home includes up to $25,000 décor dollars that can be used on finishes to personalize the home.
With delivery for Phase 4 set for 2024, and real estate values in Barrie set to increase, by locking in the purchase price now their home will be more valuable when they move in than it was when they bought it.
Plus, they can take advantage of all the first-time homebuyer tax breaks offered by the government, like the First Time Home Buyer Tax Credit, the GST/HST New Housing Rebate, the Land Transfer Tax Rebate and the Municipal Land Transfer Tax Rebate.
Take advantage of The Right PACE Deposit Structure and set the young family up for the future.