Concord Adex has announced a new program to give local first-time buyers an advantage when buying their first home. The developer has stopped all sales for its LakeFront and LakeShore developments as part of the Home Ownership Made Easy (HOME) program, allowing 30 local first-time home buyers to move to the front of the line to purchase a unit.
Those buyers that qualify for the HOME program are only required to pay half of the deposit and will receive a mortgage helper gift equal to half of their first year mortgage payments upon closing. Buyers will have to prove that they have been Ontario residents for at least the last two years and that they are Canadian citizens or permanent residents.
“Toronto is a great place to live, and like any vibrant city, property is in high demand. As an organization, we understand the challenges confronting first-time buyers,” said Dennis Au-Yeung, chief financial officer of Concord, in a press release. “This program offers local first-time buyers a unique opportunity to enter the housing market and reaffirms our commitment to building better communities in Toronto.”
Concord will begin accepting applications for the HOME program on July 1st at its presentation centre, located at 23 Spadina Avenue in Toronto. Twenty condominiums will be earmarked on a first-come, first-serve basis for those that qualify, with the remaining 10 units distributed through a lottery of qualified applicants.
Successful applicants will be able to choose from the available properties at Concord’s LakeFront and LakeShore developments, as well as the premium suites of the LakeFront’s 360 collection. The LakeFront features a large Loblaws supermarket, restaurants, retail stores and office space.
In addition to the HOME program, Concord has unveiled its new virtual reality experience through Concord 360, which will allow first-time home buyers of units in the LakeFront development to envision themselves in their new homes.
Isaac Chan, vice president of sales for Concord, states that Concord 360 allows prospective buyers to view their future homes and communities through various vantage points, even as it is being built. The virtual reality experience can be accessed at Concord360.com.