How to Boost your Paintbox down payment from 5% to 15%
The construction of Paintbox has begun and it has already reached over 14 stories tall before even one unit has been sold. This way of structuring their construction and sales shows that Daniels is confident that their newest project will do well when it is launched this Fall. Building without the luxury of deposits safely tucked away is an impressive showing.
Since they are not dependent on the deposits, Daniels has set up a very favourable deposit structure for buyers; at Paintbox, all you will need is 5% of the purchase price.
On a condo priced at $204,900, you would only need a deposit of $10,245. The gradual deposit payment plan works like this:
$3500 on signing the Agreement of Purchase and Sale then
$1000 per month until your move in date, or until you reach 5% of the purchase price.
On top of only requiring 5% deposit on your new condo, Daniels’ offers a program call the First Home BOOST- the most powerful first time buyer program ever created.
Here’s how the Home Boost works:
Interest free, payment free second mortgage for 10% of the purchase price.
Repayment occurs when you sell your home or when it is no longer your principal residence, at that time you will repay the original 10% second mortgage plus 10% of the capital appreciation.
If you experience a capital loss, repayment of the loan is waived provided it is sold at fair value and the sale is an arm’s length transaction.
Limited funding is available and will be conducted on a first come first serve basis commencing on a date to be announced.
How to Qualify:
You and/or your spouse cannot own a home in Canada, and you must currently be renting.
Your home at Paintbox must be your sold and principal residence.
Your annual household income does not exceed $82,000 (this amount has not yet been finalized and may vary at time of application)
You must be a permanent resident of Canada.
You must be 18 years of age or older.
If you are interested in learning more about this program and the benefits of owning your first home at Paintbox Condominiums, register right away on the right side of this page.