Coming up with a down payment for a condo in Vancouver is a huge issue for many young people and young families. But what if you could trade your car in for a down payment on a condo?
With the rising popularity of car-free living and the prevalence of car co-ops and car shares, the developers of InGastown and Key Marketing are hoping their Car for Condo program will help young people and young families get into the housing market.
In a news release, the developers say: “Here’s how it works: you drive your car to the presentation centre for InGastown at 32 Water St. InGastown is a 61-unit, concrete development featuring 501-square-foot condos starting at $269,800. Your car is immediately assessed onsite by experts from Autoform. The assessed value is then put directly towards your down payment. So if you have a car that’s valued at $5,000, you would only need an extra $400 to qualify for a minimum, two-per-cent mortgage on a $269,800, one-bedroom condo.”
With the two-per-cent down program, buyers still need to make monthly payments during construction, “but the monthly payment of $512/month would go towards paying off your own home and making up the difference of a per cent down payment,” says the release. “But here’s another scenario: say you have a car that’s worth $12,000. You would need to put in an extra $1,490 to make a five per cent down payment, with no monthly costs until completion. In either case, Car for Condo buyers also get a free Modo Car Co-op membership and access to two cars onsite, making it easy and convenient to live car free in their new home.”
For information: http://ingastown.com/car-for-condo.html