(October 20th, 2017 Revision: OSFI's New Rules Take Effect January 1st, 2018)
Triple Crown Condos
Welcome to Triple Crown - a West Coast contemporary lifestyle community in Langford just moments from every amenity. We're currently offering 46 new, contemporary condominiums with high end finishes. Perfect for families, professionals, and retirees. Sign up with the Winner's Circle newsletter to watch Draycor's progress as they bring their vision of the Triple Crown community into reality. Our newsletter will deliver regular program reports and special update to your mailbox every month.
of commercial space
well positioned for local business
to grow and prosper in the west shore community
Born and raised on Vancouver Island, Todd’s business experience, training and life skills acquired over twenty years as a golf professional was foundational for his success as a realtor who provides exceptional customer service with an easy going, professional demeanor.
Justine grew up in Metchosin and Westshore is her home. She is an outdoor enthusiast with a love for hiking and riding horses. Her previous experience as a travel agent combined with a decade in real estate make her an authority on beautiful location and west coast lifestyle. Justine’s clients become friends and lifelong references.
They are a team that lives and breathes the west coast lifestyle. They know the community and the businesses that support it.
Whether you’re interested in a west coast contemporary lifestyle just moments from every amenity, or in setting up your business within a central, active community, contact Todd and Justine for details about Triple Crown.DISCLOSURE STATEMENT First Amendment to Disclosure Statement
Our townhouses were built by Draycor Construction Ltd., designed by Wil Peereboom of Victoria Design Group and interior designers Tracey Lamoureux and Carly Petillion of Creative Spaciz. We pulled out all the stops with our two and three level contemporary West Coast townhouses. We employed quality construction, an excellent use of space and a higher level of finishes than you will find in an average townhouse.
Along with top quality, we wanted an affordable lifestyle for our customers, so we partnered with Fortis BC and we installed natural gas heating, hot water, and appliances – a superior environmental choice at a lower operating cost for consumers.
Our customers appreciated our efforts. Once our townhouses came to market, all thirty were snapped up in under four months’ time.
Watch our next phase of development. We’re committed to building a winning community!
If you are a first-time home buyer, you might not be aware of all the beneficial programs and options available to you, especially if you are buying a brand-new condominium. All the details can get a little confusing, so we thought it would be helpful to corral them onto one page with the details you need to know to help you quickly access the information when it’s time for you to buy. Bookmark this page in your browser for easy reference.
You’re probably under the impression you will have to pay GST when you buy a new home, but that’s not specifically true these days. The Full G.S.T. New Housing Rebate is available for new homes priced up to $350,000. For homes valued between $350,000.00 and $450,000.00, the rebate is a gradually reduced amount.
You’re going to save a lot of money not having to pay this tax. Based on the selling price of $384,900 for one of our 2-bedroom, 2-bathroom 976 sq. food condominium, you will save over $20,000 in GST when you purchase a prebuilt condominium with us!If you want more details, you will find it on the Canadian government website.
The BC Government imposes a property transfer tax on all property sales which must be paid before any home can be legally transferred to a new owner. However, as a first-time home buyer, you qualify for a full transfer tax refund as long as you intend to use it as your principal residence, and your home’s fair-market-value is $500,000 or less.
Again, based on the selling price of $384,900 for one of our 2-bedroom, 2-bathroom 976 sq. foot units, let’s calculate your savings. The Property Transfer Tax is 1% on the first $200,000 and then 2% on the portion greater than $200,000 and up to and including $2,000,000 (for those who cannot claim first-time home buyer status).
That means you will keep $5,698 in your jeans as a first-time home buyer. If you’re a first-time home buyer, who is buying with someone who has owned a home previously, the amount is based on percentage of ownership (almost always 50/50). Based on that example, you would save $2849.
If you’ve never owned any property anywhere in the world, and you’ve been a BC resident for at least a year, and the home you’re purchasing is less than $500,000, you could be fully exempt from paying property taxes (not to be confused with the Property Transfer Tax). It won’t look like a tremendous amount of money if you look at one year, but it adds up to a truckload of cash over time!
If you were buying a home from a previous owner, you might not be eligible in the first year, but as this is a pre-build (no previous tenants), you can take advantage of this program right away.
There are many conditions you need to meet in order to qualify, and you need to stay on top of the process to ensure you continue receiving the exemption, but it’s well worth it. You will find details on the BC Government’s website.
The B.C. Government's Home Partnership program opened this year, which provides loans of up to $37,500 to help first-time homebuyers fund their down payment in Victoria’s pricey housing market.
This is a real boon from the provincial government for first-time home owners who want to get into the market! It’s a 25-year term mortgage with the upside that you are not charged any interest and you do not have to make any payments for five years!
You’ll need to plan for the five-year mark so you’re not caught off guard by extra payments, however, by the time you must start paying back the provincial loan, you will already have made 60 payments towards your primary loan’s principle. That increases the likelihood that you have built equity in your home, and if you’re still working with the same company, your wages will have risen.
Interestingly, studies show most first-time home buyers sell within seven years, at which time your primary mortgage and your government loan would be paid off.
There is a list of eligibility requirements. In a nutshell, you need to be a Canadian citizen or permanent resident for five years, live in British Columbia, have a household income under $150,000 per year, be pre-approved for a high-ratio mortgage, be buying a home for less than $750,000 and intend it as your principal residence for five years.
When we’re talking to clients who want to buy a prebuilt condominium with a completion date of a year or more, one of the bigger concerns we hear is, “How do I make sure I’m approved at closing and ensure I’m going to be able to get financing?”
That is a very good question since most lenders will only hold an approval for 120 days, but we happily discovered and excellent product provided by RBC and we often suggest our clients speak with a mortgage specialist who works with the bank to specialize in long-term closings.
Most lenders will pull your credit report at the end of the prebuild period to make sure nothing’s changed for the worse in your life. Or they will send out an appraiser just before you close, then base the price on the lower of either the contract or the appraisal. If, for any reason, the appraisal comes back as a lower amount because market value falls, (as unlikely as that is in Victoria), you would be expected to come up with that difference or risk losing your funding.
RBC doesn’t work that way. “We’ll hold a fixed rate for up to two years,” says Jennifer Byatt, an RBC mortgage specialist. “We take your application now and the market value right now. We send an appraiser out to make sure the value and current sales are there, and we take that number for our market value. At the time of closing, if anything has changed, it doesn’t matter because we have given a firm approval and we don’t look back.”
If you get sick or lose your job in the interim, even if you’ve bought two more places, it doesn’t matter at all because it’s based on where you are today. That means when we finish building your condominium, they just push a button and fund. It’s a real peace-of-mind to know your financing is in place no matter what. You can live your life without worrying about the repercussions.
If you have your twenty percent down payment in hand, we recommend you talk to a mortgage specialist before the end of the year to get a long-term rate hold because another huge advantage is you will be able to avoid Guideline B-20 that will impact mortgages with a 20 percent or greater down payment.
As you know, if you have less than a twenty percent down payment, qualifying for a mortgage means you must pass a “stress test”. That means you must prove you can afford payments based on the Bank of Canada’s five-year benchmark rate, which is currently at 4.80 percent, or your contract mortgage rate plus two percentage points, whichever is greater.
To avoid that stress test, some of you have been saving and planning to put down a twenty percent or greater when you make your purchase. That’s always a good idea because a larger down payment means a lower mortgage every month.
However, you should be aware of recent changes OSFI has called for on unsecured loans (meaning loans of 80 percent value or less that are not insured by CMHC). At the moment, you can go to an alternative or subprime lender, or even the "bank of mom and dad" to borrow money to boost their down payment to 20 percent or more to avoid the stress test. However, as of January 1st, 2018, Canada’s banking regulator will enact new mortgage underwriting standards—Guideline B-20 – which will close this loophole, and you will need to qualify based on the ability to make a much higher monthly payment. That ultimately means you will not qualify for as large a loan even with twenty percent down, and you may not be able to purchase as much home after the stress test is in place.
If you’re an average-income family or first-time home buyer in Langford, we encourage you to look into purchasing a condominium with Triple Crown. It’s a viable option with more benefits than you might realize. You can get a lot of home in a condominium at a great price as compared to detached dwellings, there is a lot less work (time and money) for maintenance and upkeep, and our location is terrific! The average price of a condominium in Greater Victoria is $488,348, whereas the average price of a detached home is $884,196.
Let’s use $400,000 (the average price of our 2-bed, 2 bath condominium) and sum up all the money you will be able to save:
If you have less than 20 percent for your down payment, your lending institution requires the mortgage to be insured by Canadian Mortgage and Housing Corporation (CMHC). If you have a 10 percent down payment, CMHC charges at a rate 3.10 percent of the amount you need to borrow. With $40,000 down on a $400,000 condominium, this would add $11,160 to your total mortgage. If you can save a 20 percent down payment, you avoid CMHC fees. You can run more calculations on this website.
If you have been working hard to save and you’re close to ready to start the buying process, contact us before the end of the year no matter how much down payment you have. We have access to strategies to help you save money, and you can claim your condominium by leaving a deposit of up to $20,000 with us (along with a little paperwork), which gets converted into part of your down payment when the condominiums are complete and it’s time to buy.
Triple Crown has an excellent selection of beautiful, modern pre-built condominiums in Langford close to every amenity and recreational pursuit any first-time home buyer and family could want.
Please feel free to contact us any time. We are here to provide any information you may require or answer any questions you may have. We look forward to hearing from you!
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