New condo development makes buying easier
Home owners are not required to make down payment
A new condo development in the northeast community of Bridgeland is making it easier for some Calgarians to buy a home.
That’s because you don’t need to make a down payment.
McPherson Place has an arrangement where the down payment is carried by a non-profit organization for 10 years instead of the prospective homeowner.
After the 10 years, the unit is sold at market value.
Judy Hoad, chair of INHOUSE Attainable Housing Society, said everyone deserves a home.
"The criteria for buying in our building is you have to be working and you have to agree to live in the unit so it can't be bought by speculators and rented out," she said, adding the only other criteria for approval is the buyer’s salary can’t be more than $70,000 and they must qualify for a CMHC approved mortgage.
The new development is benefiting many Calgarians including Brenda Lieberman, who will move into her new home in December.
"I'm so sick of coin laundry," she said. "Like the biggest deal to me is just to have in-suite laundry facilities."
Lieberman also said it’s very affordable as well.
"My mortgage payments should end up being comparable to what I'm paying for rent, or less," she said.
McPherson Place is already sold out, but similar projects are in the works.