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The Condos at Triple Crown

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.

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  • Starting at
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The Plans

Triple Crown Condos

Site Map PDF
8000+ Sq. Ft.

of commercial space

well positioned for local business

to grow and prosper in the west shore community

www.triple-crown.ca or call 250.474.4800

The Features

Everything you want, and more.

Feature List

  • VRF Heating and Cooling
  • Gas hot water on demand
  • Premium six piece appliance package including stainless kitchen appliances (gas stove) full size washer and dryer
  • Elegant style, quality cabinetry with soft close drawers and doors
  • Full depth quartz stone countertops throughout
  • Tile backsplashes
  • Under mount sinks, stylish porcelain thrones
  • High quality Euro Laminate flooring in the living areas
  • Fashionable Tile flooring in bathrooms
  • posh carpet in bedrooms
  • Underground secure parking (majority of units with two parking spots)
  • Underground secure storage locker
  • Underground secure bike parking
  • Overall energy efficient, environmentally friendly, cost effective
  • Walking distance to all amenities

Appliance Package

The Community

Westshore Lifestyle.

The Team

Your Triple Crown Professionals

Todd Mahovlich

Justine Connor

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

The Builder

Draycor Construction Ltd.

Customer Testimonials

Triple Crown Home Buyers

Triple Crown Townhouses

More than a home - It’s a community

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!

Triple Crown Blog

November Saw Greatest Number of Sales Since 1996

November saw the greatest number of home sales in Victoria BC since 1996!

Is this a start of a new trend? Not according to Victoria Real Estate Board President Ara Balabanian. “The fact that we've had an unusual month does not necessarily mean that this is the start of a new trend. It is, however, a good example of how outside forces can impact a housing market."

Balabanian suggests buyers have accelerated their purchase timelines in order to avoid the upcoming stress test on uninsured buyers coming into effect on January 1st. The new stress test will now include those with a down payment of 20 percent or more. The test will require purchasers to prove they can make meet their commitment if interest rates rise above the five-year benchmark rate published by the Bank of Canada or 2 percent higher than their contracted mortgage rate, whichever is higher.

"Judging by the sales we saw in November and what I have heard from our REALTOR® members, some buyers have indeed accelerated their purchasing plans to avoid the stress test,” says Balabanian. “This may change the numbers we see in the early months of 2018, as some buyers who had planned to buy next year have bought a bit earlier."

There were 1,764 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2017, a decrease of 7.4 percent compared to the month of October and 2.8 percent fewer than the 1,815 active listings for sale at the end of November 2016.

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in November is now $824,600, which is slightly higher than October's value of $821,900. It is 10.2 percent higher than November last year when it was at $748,500. 


Analyzing Home Affordability in Canada and the World

In the news of late, there is a good deal of discussion about home affordability in cities around the world. A major contributor to this conversation is Demographia International. They just published their 13th annual Housing Affordability Survey in which they use a simple method to determine affordability. They take the median price of a home in a city and divide it by the median income of a family in the city. The resulting number is the “Median Multiple”, or simply, the number of years of income it would take to pay a mortgage for the home.

It was no surprise Hong Kong’s homes are the least affordable in the world, and for good reason: A densely populated island with over seven million inhabitants packed into 1,106 square kilometers, it’s a major hub of world commerce, and mainland developers are driving up costs with the government’s blessing. Demographia International’s recent survey put the median home price at 18.1 times the gross annual median income. In other words, it will take a resident of Hong Kong 18 years to pay off a $900.000 home earning $50,000 a year…if they used every dollar of their income to pay the mortgage and had absolutely no other expenses such as food, utilities, travel, shopping, commuting, and an occasional outing.

For a more in-depth look at Hong Kong’s housing market, check out this excellent video CNBC put together.

The second least affordable city in the world was Sydney which scored an astonishingly out-of-reach multiple of 12.1 compared to the average family. There are plenty of reasons housing has become so unaffordable in Sydney, but it boils down to the booming economy and the serious shortage of housing inventory.

In Canada, Vancouver currently leads the way (no surprise) with a median multiple of 11.8. Toronto started the year at 7.7 and Victoria at 8.1. Victoria’s median multiple of affordability is not higher because home prices are higher, rather, Toronto’s median income, the divisor, is quite a bit higher than Victoria’s median income.

For greater perspective, the median multiple of financial hubs London and New York pale in comparison coming in at 8.5 and 5.9 respectively. Have a look at Demographia International’s 2017 Survey result. It’s quite interesting. Keep in mind, they are surveying ALL homes, not just condominiums.

Home Affordability in Canada

A more useful way to measure affordability is to look at homeownership as a percentage of monthly pre-tax income. According to the Canada Mortgage and Housing Corporation’s benchmark, housing is considered “affordable” when no more than 30% of pre-tax income is spent on homeownership expenses.

RBC recently came out with a report stating Canada’s housing affordability is at its worst in 27 years with the national average at 45.9%. This means many Canadians will spend nearly half of what they earn paying off their mortgage and household ownership related expenses, such as property tax.

Vancouver still tops the chart at 79.7% in the first quarter of 2017 even after the decrease since the third quarter of 2016 which saw it at an astonishing 92%. British Columbia’s 15% foreign buyer’s tax may have contributed to the decrease, but there’s still some disagreement about whether the government’s new tax made the difference, or if the market was simply due for a cool down.

The Greater Toronto Area (GTA) comes in second place at 72%, up 8.3 percentage points compared to the third quarter of 2016. Ontario’s new 16-point housing affordability plan implemented in April has inarguably cooled the market and single detached home prices took a precipitous drop of nearly 40 percent over the summer months. However, Condos and Townhomes continue to have a strong market appeal due mainly to the fact that they are now the most affordable option for the average family.

Montreal, Calgary, and Ottawa round out the top five on the list of most unaffordable homes at 43%, 39.6%, and 34.8%, respectively. Although these numbers are lower than Toronto and Vancouver, they’re still above the 30% affordability threshold.

The most affordable homes in the country are in Atlantic Canada. Saint John, N.B. leads the way at a mere 26% of pre-tax monthly income, or four percentage points below the affordability benchmark, followed by St. John’s, N.L. at 28.6%. While affordability in these cities has decreased slightly, they remain relatively stable compared to Toronto and Vancouver.

OSFI’s Recommended Changes Will Soon Impact How Much Home You Can Afford
(October 20th, 2017 Revision: OSFI's New Rules Take Effect January 1st, 2018)

Right now, homebuyers 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% or more to avoid the stress test. Proposed new regulations will close this loophole, and you will need to qualify based on the ability to make a much higher monthly payment based on the current five-year posted rate by the Bank of Canada (currently at 3.410 percent). That ultimately means you will not qualify for as large a loan, and you may not be able to purchase as large a home after the stress test is in place.

If you’re an average-income family or first-time home buyer, a condominium is a viable option (unless you’re planning on uprooting to move to Atlantic Canada). You can get a great deal of home in a condominium at a great price as compared to a detached dwelling. The average price of a condominium in Greater Victoria is $488,348, whereas the average price of a detached home is $884,196.

If you have been working hard to save your down payment, contact us before the new stress test rules recommended by OSFI (Office of the Superintendent of Financial Institutions) come into effect. We have access to strategies to help you save money, and Triple Crown has an excellent selection of beautiful, modern pre-built condominiums in Langford close to every amenity and recreational pursuit a family could want.

Call us to discuss your options.

Todd & Justine


No Rentals to be Found

The rental vacancy rate in B.C. has hovered at an average of 1.3 per cent over the past three years, according to stats from the Canadian Mortgage and Housing Corporation.

In Victoria, the rate sat at only 0.5 per cent at the end of 2016.

In the Lower Mainland, the City of Vancouver’s rate is 0.8 per cent, while Surrey sits at 0.4 per cent. The rate is 0.5 in Abbotsford and Mission, and White Rock has the fewest available rentals in the region, at 0.1 per cent.
Kelowna is sitting at 0.6 per cent.

If you have kids going to Royal Roads, consider helping them buy a Triple Crown condo instead of living in barely suitable accommodations in the rental market. A condo is a valuable family asset that will appreciate, and a good way to set your kids on a path towards building their own financial future rather than a landlord's.


Reviewing Home Equity Lines of Credit (HELOCs)

Home Equity Line of Credit
In recent years, home equity lines of credit — or HELOCs — have become popular for homeowners that want to turn their huge house price gains into cash.

In a HELOC, a lender allows a borrower to withdraw a certain amount of money against the equity in their home. The interest rates tend to vary between 0.5 and two points above prime, so they're a little more expensive than mortgages.

And they are extremely convenient. While people will do anything to make their monthly house payment and avoid default, HELOCs allow borrowers to simply make payments against the interest with no obligation to pay down the principal each month. Most people had no real intention to pay them off, and most felt safe about taking a loan in the face of rising home values. Almost 40 per cent of people who have them did not make regular payments against the principal. They owe the same amount on the principal as they did four or five years ago.

A generation ago, the common wisdom was to pay off your mortgage. Now people are using their homes like an ATM. That’s a big shift in financial thinking, and it may not serve them as well with the looming economic realities.

HELOCs are not a small share of the market either! Currently, there are over three million active HELOCs across Canada, with an average balance of about $70,000.

Statistics Canada 2011 reported 13,320,610 homes, meaning 23 per cent of homes are using HELOCs with an average balance of $70,000 per home. That’s 211 billion dollars in loans.

The downsides of HELOCs:
Before you consider taking one, be aware of three facts:

They can be called in at any time. They are "demand loans" which means, unlike a mortgage, the lender can call them in at any point and insist on paying back the full amount.

Most are set at variable rates and are in lockstep with central bank rate hikes. Your interest payments are going to increase.

Most have no limitations on how fast they can rise beyond that with no warning.

We’re not saying you shouldn’t get one. After all, lenders will be unlikely to call in those loans and start a panic. But, don’t let low monthly payments lull you into forgetting this is a loan, and the $211 billion in outstanding HELOC debt is a greater risk to the Canadian economy than mortgages ever were.


The Real Reason Condominium and Townhouse Prices Are Rising

What is driving gains in the condominium and townhouse market?

Two factors: affordability and inventory.

Although the average price of homes in BC is lower than last year, a closer look at the data reveals the composite of homes being sold has shifted to smaller free-standing homes, condos, and townhouses. BCREA economist Brendon Ogmundson attributed this shift to a pronounced need for more affordable residential real estate along with short supply.

“(The) supply of homes available for sale has not recovered and is still declining in many markets around the province,” says Ogmandson.

Indeed, home prices in most BC markets are being pushed higher due to severe supply constraints. This is particularly true in the Victoria region, which currently has less than two months of total inventory for sale.

Victoria Real Estate Board President Ara Balabanian stated "This July, we saw a strong focus on the lower priced end of the market, with condos and townhomes and single-family homes listed for under $700,000 in high demand. Many of those properties saw multiple offer situations."

The lack of supply is also very apparent in Vancouver’s apartment and townhouse market. Jill Oudil, president of the Real Estate Board of Greater Vancouver said in her recent CBC News interview “detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February.”

What do these trends mean for condominium and townhouse prices here in Victoria?

Our economic fundamentals remain strong, the climate is delightful, inventory is low, and many more people want to live here. We predict a seller’s market and rising prices for quite some time to come.


Thinking of Purchasing a Condominium?

If you are working to get into the real estate market for the first time, or you want to downsize after your kids have left the nest, a condominium lifestyle can offer freedoms and opportunities beyond the single detached dwelling worth considering at any age. Here are six reasons:

Affordable Lifestyle

Living in a condominium is usually more affordable. It cost less to buy vs. a house, and your mortgage is typically lower. As of June, the benchmark average price of condos as per the Victoria Real Estate Board (VREB) is $416,281 That’s now less than half the benchmark average price of a single detached dwelling in Greater Victoria now pegged at $885,281. Triple Crown’s condominiums in Langford are an even better price. A current example is our 2 bd, 2 bth, 976 square foot, 3rd floor condo (MLS 377098) listed at $389,900.

Selling your paid off family home to buy a condominium can provide you with a desirable nest egg in your retirement years. Or, if you’re just starting out, a condominium is certainly a less expensive way to get into the real estate market.

You Live in a Great Location

Condos are often built in densified areas of a city. That means entertainment, restaurants, and shopping are all close by, and you don’t usually need a car to get to your favourite event. If you’re a professional working in downtown Victoria, the time and money you will save walking to work from your condominium versus commuting from the home in your price range well outside of Victoria is certainly worth considering.

Peace of Mind

A condominium provides the additional security of a two-key system – one for the front door and one for your unit – which makes break and entry less likely. Your neighbours are a kind of built in block watch! It’s hard for a thief to remove large items from your home without being seen by someone.

Live Maintenance Free

Because you are living a maintenance-free lifestyle, you have more time to do what you enjoy doing. All those time-consuming tasks like cutting the lawn, weeding the gardens, and cleaning the gutters don’t exist when you live in a condominium. Instead, you contribute to a monthly fee that takes care of maintenance and repairs. Any large, future costs such as roof repairs or window replacements are usually less expensive in a condominium versus a house because everyone contributes to a contingency fund.

Enjoy More Freedom

When you want to travel, you don’t have to make your plan around house maintenance considerations. Someone else is doing it for you. All you might need to do is ask one of your trustworthy neighbours to water your plants while you’re gone, and you can come and go as you please.

Gain Instant Community

Condominium living offers great opportunities for a vibrant social life in a friendly, close-knit community. You’re going to meet at least one of your neighbours in the halls or by the mailbox every day. If you’re moving to Victoria from another city, being able to access a ready-made community

A condominium lifestyle might be the right choice for you for these and other reasons. If you’re thinking about purchasing a condominium, we would be pleased to guide you through all the factors you need to consider before making your decision and to introduce you to our Triple Crown condominiums in Langford, BC

Todd Mahovlich and Justine Connor


June Sales Steady

July 4, 2017 - "This year may feel a bit steady and less exciting when compared to last year's record-breaking market. People are getting used to this new tempo of brisk sales," says 2017 Victoria Real Estate Board President Ara Balabanian. 

"However, when we look at the longer-term numbers, we're in a very active market. This June we counted over one thousand properties sold, while the ten-year average for sales in the month of June is 798. If we remove 2016 sales, this June would have been the record-breaker."

A total of 1,008 properties sold in the Victoria Real Estate Board Region this June - 14.1 per cent fewer than the 1,174 properties sold in June last year.

There were 1,915 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2017, an increase of one per cent compared to the month of May, but 16.3 per cent fewer than the 2,289 active listings for sale at the end of June 2016.

"The good news for buyers is that inventory is slowly starting to build.”

See more details on VREB’s website 


Short-Term Predictions for Canada's Real Estate and Household Debt

Last week, the Bank of Canada reviewed the financial system and downplayed fears that the Canadian economy was in serious jeopardy from a potential real estate market correction.

About time!

We are NOT going to suffer a U.S.-style melt-down. If a big drop in home prices were to occur in the Vancouver and Toronto regions, (which Is unlikely), it wouldn't drag the rest of the country down with it. As the Bank of Canada sees it, a full-on bust in the Toronto and Vancouver regions would have only “modest direct spillovers to housing markets in the rest of the country.”

Most experts do not see anything like a full bust coming, albeit sensationalist reporting from, for example, CTV News quoting David Mandani, senior Canadian economist of Capital Economics on Monday continues to scare homeowners who haven’t done their research.

Read Article HERE


Three Forces Behind Today’s Hot Real Estate Market

Three forces have come together in a “perfect storm” to create Victoria’s hot real estate market: environment, economics, and exposure.

It’s no secret Victoria is considered the “California of Canada”, and Boomers across Canada have moving to Victoria in mind as they make their retirement plans. In a 2015 survey, over fourteen percent of retiring Canadian Boomers surveyed stated they would like to retire in Victoria. And no wonder! Victoria has the highest number of annual snow-free days of any major city in Canada. On the rare occasion it does snow, it never stays for long. Blossoms begin appearing in February, the earliest in the country. We enjoy over 2,000 hours of sunlight annually, less than half the rain as Vancouver, and the temperature rarely drops below freezing or climbs above 25°C.

While Victoria home prices have surged, driven by offshore buyers, most off these buyers are not foreigners arriving after a long overseas flight, but rather a 90-minute ferry ride from just across the Salish Sea.

“Our offshore market is Vancouver. It has been for the last year,” Victoria Real Estate Board president Ara Balabanian said in an interview. “We’ve experienced the overflow from Vancouver. People are selling at very high prices over there and down-scaling over here.”

Retirees are looking at a way better retirement here than in Vancouver. After Baby Boomers sell their Vancouver home, 97 percent of which are over a million dollars, they are in the position to buy a home in Victoria and still end up with plenty of cash in their pockets. Realtors are also noticing many young families coming over from Vancouver for the better environment Victoria offers in which to raise their children.

Strong demand and a shrinking number of listings have resulted in bidding wars and sales that frequently go well above the asking price. A detached house near the University of Victoria that listed for $800,000 sold in late January for $921,000 after only nine days on the market. The home, built in 1974, attracted six bidders.

British Columbia’s labour market shows little signs of straying from its impressive trajectory. In 2016 B.C. led all the provinces with employment growth of 3.2 percent. Victoria’s economy is strong and vital with many industries supporting that growth: government, education, tourism, marine and high tech. Tourism had a record year in 2016 and there is every reason to believe the tourism industry will continue to be a major driver for Greater Victoria’s economy in 2017. The tech industry is robust and growing, and Victoria is well poised as a gateway community to Pacific markets. Our economic future looks bright indeed.

Victoria is being noticed by the rest of the world. Chek TV reported Victoria ranked as second on a list of the world’s hottest luxury markets in Christie’s International’s 2016 report. Pretty good, considering Victoria didn’t rank at all in their 2014 report. With Canada turning 150, and the New York Times and Lonely Planet naming our country as the No. 1 place to visit, Victoria will increasingly be a desirable place to live, and real estate prices will very likely continue to climb.



Economic Growth Factors in Victoria

As the provincial capital, Victoria's economic outlook is closely tied to the public administration sector, and strong hiring last year helped spur solid real GDP growth of 2.7 per cent. Fortunately, further public administration job gains are on tap for this year, though the rate of increase will be more moderate. As such, public administration output growth is projected to slow sharply from 6.8 per cent in 2016 to 1.3 per cent in 2017. Nonetheless, the overall economy is forecast to advance at a healthy pace of 2.1 per cent this year, as other industries help pick up the slack.  
In particular, several sectors on the services side are poised to post output growth greater than 2 per cent, including wholesale and retail trade, finance, insurance and real estate, personal services, and transportation and warehousing. The personal services and transportation and warehousing industries will both benefit from a strong tourism outlook, driven by healthy flight and cruise traffic as well as a weaker Canadian dollar. All in all, the aggregate services sector is forecast to post output gains of 2.1 per cent this year and next.
At the same time, a healthy mix of residential and non-residential projects are expected to fuel steady output growth of 2.4 per cent this year in Victoria's construction sector. Housing starts are forecast to dip from 2,900 units in 2016 to a still-strong 2,400 units this year. On the non-residential side, work continues on the McKenzie Interchange and the Sidney Gateway Shopping Centre. 
Finally, the manufacturing industry has been one of Victoria's top performers in recent years. However, growth is expected to slow to a still solid 2.8 per cent as several major contracts reach completion, including federal shipbuilding contracts at Seaspan's Victoria Shipyards.



First Time Home Buyers

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.

OSFI’s New Changes and How They Impact You

You don’t have to pay GST

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.

You don’t pay the Property Transfer Tax

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.

First Time Home Buyers’ Program

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.

Home Partnership Program

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.

Royal Bank of Canada’s Long-Term Closing for Prebuilt Homes

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.

OSFI’s New Changes and How They Impact You

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.

Get a Triple-Win when you buy one of our condominiums

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.

How Much Money Will You Save?

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:

  • Approximately $20,000 in GST
  • $6000 in Property Transfer Tax
  • Somewhere around $1500 in Property Tax every year.
Up to $37,500 with a Provincial Government loan towards your down payment. This isn’t a “savings”, but it sure helps that the BC government might provide you with nearly 10 percent (on $400,000) in a loan with no interest or payments for five years!

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.

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The Site

Now you can watch the progress through our live feed to Triple Crown's construction site!

Contact Us

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!

Email your requests or questions to info@triple-crown.ca

Call Todd Mahovlich

& Justine Connor