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.
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.