A Calgary builder is offering buyers a new set of down payment and mortgage incentives at the Matrix in Mission.

Matrix is a five-storey condominium project that will provide 67 homes in Calgary’s historic Mission neighbourhood. It’s being built by Harold Sicherman, who has a 20-year track record of development in Mission, the company says.



A five per cent down payment loan is available through the Matrix, with zero dollars up front and payments spread over 24 months on approved credit. To protect buyers from mortgage rate rises, the Matrix is arranging 24- and 36-month interest rate holds to all buyers. Interest-only mortgages are also available, offering 37 per cent reductions in monthly mortgage payments.

Zee Zebian, marketing manager, Buss Marketing, in the Matrix show suite. Photo: Buss Marketing
Zee Zebian, marketing manager, Buss Marketing, in the Matrix show suite. Photo: Buss Marketing

The offers are targeted at first time homebuyers. “Our research is telling us that millennials are looking for convenient, walkable areas in which to live and work,” says Zee Zebian, marketing manager, Buss Marketing, who is leading the sales and marketing for the Matrix. “They’re also finding it tougher to reach important life goals.”

A survey the developer conducted last fall of more than 190 interested parties found that more than 60 per cent planned to buy a condominium within the next year, but the top two factors holding them back are high monthly payments and saving for a down payment.

“First-time buyers have few options for making the down payment on a condominium purchase, and mortgage rate increases are a challenge for new buyers.” says Zebian. “We have launched three new finance packages to make things more affordable.”

The specific packages are:

  • Five per cent deposit with zero dollars up front and payment spread over 24 months.
  • Interest-only mortgages. This reduces the monthly payment on a $300,000 mortgage from $1,568 to $985 monthly (a 37 per cent savings each month).
  • Matrix can help arrange a capped interest rate that is guaranteed not to go up before the buyer takes possession.

Matrix says it offers a level of luxury in its standard features not normally seen in this price range. Twelve of the units are listed under the $299,990 mark. The top floor is designed to have a penthouse feel, with those units topping out at $471,350.

Matrix offers five floor plans, with one-bedroom, one-bedroom plus den and two-bedroom units ranging from 612 to 868 square feet. Each home has been designed with thought to providing intelligent space, highlighted by nine-foot ceilings.

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2 COMMENTS

  1. Just how bad is the Calgary housing market? Calgary Home Buyers need to know!

    Builders are now agree to:

    Rent you a brand new home for three years at below market rents
    After you have rented for 24 months they will rebate enough rent to cover a 5% down payment
    They will then sell you the home you rented give you another 5% rebate to allow you to have 10% down
    When you finally do close on the home they will pay down your mortgage rate to a set max% previously used to entice you to buy.

    Now of course all these costs will be rolled into the purchase price but a smile and chuckle will be the only
    signs it was included.

    Now the problem happens when the home is Appraised and you are required by law to reveal all the incentives included in the purchase price.

    If you don’t you have committed a fraud which RECA has just recently warned everyone in Alberta to avoid.

    Funny how these seemingly innocent marketing techniques are really ways to convince young families to buy homes when they are not financially prepared to do so.

    Why not simply offer a Rent to Own Sale where all these details are revealed??? Because CMHC then has a written record and the value of the home would be up to 25% lower on a CMHC approved appraisal form.

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