In the midst of an uncertain mortgage rate climate, hopeful first-time homebuyers would benefit from even a touch of certainty — meanwhile, the Bank of Canada doesn't have a great track record for supplying spectators with solid ground.
But a limited-time purchase incentive from esteemed Toronto developer Camrost Felcorp may bring just the hit of confidence apprehensive buyers have been hoping for.
Dubbed "Mortgage Madness" (swoosh), Camrost's offering is simple and effective: for buyers at The Frederick, Raglan House, or EX2 at Mississauga's Exchange District through the end of March, the developer will carry two years of mortgage payments.
The offer applies to units priced under $1M, and sees Camrost covering the cost of a mortgage over the course of two years, to a maximum of $90,000.
According to Christopher Castellano, Vice President of Sales and Marketing at Camrost, the incentive aims to support first-time buyers, "family investors" (more on that in a moment), and anyone else who has been sitting at the sidelines of property purchasing, waiting for the right opportunity to step into the ring.
"We really designed the program to speak to people who want to get into their first condo, [and] people who are renting and would like to buy, who have saved up a bit of a down payment, but still need some time to get the rest of the 20%," Castellano says.
He goes on to describe the opportunity as also being geared towards "family investors" — for example, parents with teen children who, in a few years' time, may be going off to school or entering the Toronto or Mississauga workforce. These buyers will have the opportunity to rent out their units in the interim, while locking in a reliable home for their child to settle into a bit further down the road.
"The reason this is so exciting, and why we feel it speaks to the concerns that people have in the market today, is that it offers that security of knowing that for two years post-close, with this program, your condominium’s mortgage will be covered," Castellano explains. "So it gives you that peace of mind, and effectively what it does is: it buys you time before you're required to fully step in and carry the property."
READ: Beyond Condos: This Developer is Building Communities to Last
Sweetening the deal for buyers, Mortgage Madness applies to three of Camrost's hottest pre-con developments of the moment.
"All three of these projects and locations are incredible," Castellano says. And that's not hyperbole; two of the three (Raglan House and Exchange District) have been awarded Community of the year by the National Assoisation of Home Builders (NAHB), beating out dozens of projects on an international level.
In the case of The Frederick, its position at the Upper East Village master-planned community places the building in the midst of a reinvigorated Leaside. Rising at 939 Eglinton Ave East, where Laird and Eglinton meet, the surrounding neighbourhood is abundant. Think: an exceptional range of restaurants, cafes, and shops, and a perfect position for transit access.
In fact, The Frederick is a three-minute walk from the Eglinton LRT's upcoming Laird Station, which will tie directly to Toronto's subway line — leading into the downtown core in about 20 minutes.
The Frederick (rendering)
Meanwhile, Raglan House, which was recently awarded 2023’s Community of the Year by NAHB, is coming up at 77 Raglan Avenue, which sits at the convergence of five of Toronto's most esteemed neighbourhoods: Bathurst and St. Clair West, Cedarvale, Humewood, Wychwood, and Forest Hill.
Bathurst and St. Clair brim with conveniences, Cedarvale is blooming with parks and nature trails, and Humewood features woodlands, historic homes, small-owned shops, and markets. Wychwood is where residents will find the St. Clair West strip, dubbed Hillcrest Village, teeming with local cafes, boutiques, and bakeries — not to mention the neighbourhood's crown jewel, Artscape Wychwood Barns, which hosts a year-round farmer's market and community gallery.
Finally, Forest Hill — characterized by gorgeous homes, landscaped gardens, and wide winding streets — is one of Toronto's most prestigious neighbourhoods. Home to Forest Hill Village, residents will visit here to peruse shops and restaurants with a quaint, small-town feel.
Like The Frederick, Raglan House also boasts enviable transit access, being a mere hop and skip away from the subway line.
"[At Raglan House], you're a three minute walk to St. Clair West subway station," Castellano says, "which is then just five stops away from University of Toronto, a 10-minute commute to the University Health Network, and 15 minutes away from Union Station — so, the whole Financial District."
Raglan House (rendering)
Lastly, EX2 — the second building in the multi-award winning master-planned Exchange District Community — is located directly across the street from Mississauga's upcoming Hazel McCallion LRT City Centre Loop.
This transit line will run along Burnhamthorpe Road, and its construction has been moving swiftly — "it's astonishing," Castellano says. Once complete, the LRT will bring the best of Mississauga's downtown core to the Exchange District's front door.
Transit access will be a major draw for EX2 residents, but the surrounding Mississauga City Centre is yet another location that boasts appeal in its own right. Surrounded by shopping, restaurants, parks, and schools, and sitting at the heart of a community- and resident-oriented city, the burgeoning master-plan will certainly be easy to commute from... but residents will simultaneously find it hard to leave.
The Exchange District (rendering)
"The reason we picked these three projects [comes] back to our goal, or our main objective of: helping people who are on the sidelines, and offering [a] product that makes sense for them," Castellano says. And this intentionality ripples even further, extending to how buyers are invited to take advantage of the Mortgage Madness incentive.
"With everything, Camrost loves to offer flexibility," Castellano says. "So, if the individual chooses not to go with the mortgage program — [Camrost will pay] up to a maximum of $90,000 across the two years — they do have the option to take $100,000 cash-back. So, individuals do have the flexibility of choosing between the two."
"We'd like to try to offer as much certainty as humanly possible in this market," he goes on to say. "This, to us, [felt like] the best way to protect purchasers moving forward. And the beauty of choosing between mortgage payments — which would be paid either monthly, bi-monthly, or bi-annually — or the cash-back [option], is you only have to let us know 90 days before the building occupies. So it's not a decision you have to make today. You can wait and see, and in the future, decide what makes the most sense for you as a purchaser."
To learn more about Mortgage Madness, click here.
______________________________________________________________________________________________________________________________
This article was produced in partnership with STOREYS Custom Studio.
