League Unveils New Sales Centre & Equity Mortgage
LEAGUE Financial Partners today unveiled the presentation centre for the first phase of its Capital City Centre project. The project is a $1-billion mixed-use development located in Colwood, southwest of Victoria. The 13.89 acre community is set to become the largest development on Vancouver Island and home to the Island’s tallest towers.
A key component of the project is a new financial product called the LEAGUE Equity Mortgage. New mortgage rules, recently announced by the Canada Mortgage and Housing Corporation (CMHC), make monthly payments higher at a time when Canadians already pay on average almost 50 per cent of their after tax income on their mortgage payments. Canadian homeowners are facing an affordability crisis. The LEAGUE Equity Mortgage is designed to assist first time homebuyers, as well as investors or those looking to reduce their existing mortgage payments.
“The LEAGUE Equity Mortgage facilitates entry into the market for credit worthy homebuyers by reducing their mortgage and significantly lowering their monthly payments by up to 40 per cent,” says Adam Gant, CEO of LEAGUE Financial Partners. “The LEAGUE Equity Mortgage will make home ownership more accessible to individuals and families.”
The first phase of Capital City Centre will be developed in three sub-phases over a period of five years, with an estimated investment of over $250 million. As currently planned, the complete build out will extend over a 15 to 20 year period.
The presentation centre features a model suite vignette from the first 27-storey residential tower. Interested buyers can register to purchase condos, which will go on sale in September, with an estimated occupancy of early 2015.
The presentation centre is located at 1889 Old Island Highway, Colwood, B.C. and is open daily for previewing. www.CapitalCityCentre.ca
More about LEAGUE Equity Mortgage
A key component of the project is a new financial product called the LEAGUE Equity Mortgage. New mortgage rules, recently announced by the Canada Mortgage and Housing Corporation (CMHC), make monthly payments higher at a time when Canadians already pay on average almost 50 per cent of their after tax income on their mortgage payments. Canadian homeowners are facing an affordability crisis. The LEAGUE Equity Mortgage is designed to assist first time homebuyers, as well as investors or those looking to reduce their existing mortgage payments.
“The LEAGUE Equity Mortgage facilitates entry into the market for credit worthy homebuyers by reducing their mortgage and significantly lowering their monthly payments by up to 40 per cent,” says Adam Gant, CEO of LEAGUE Financial Partners. “The LEAGUE Equity Mortgage will make home ownership more accessible to individuals and families.”
The first phase of Capital City Centre will be developed in three sub-phases over a period of five years, with an estimated investment of over $250 million. As currently planned, the complete build out will extend over a 15 to 20 year period.
The presentation centre features a model suite vignette from the first 27-storey residential tower. Interested buyers can register to purchase condos, which will go on sale in September, with an estimated occupancy of early 2015.
The presentation centre is located at 1889 Old Island Highway, Colwood, B.C. and is open daily for previewing. www.CapitalCityCentre.ca
More about LEAGUE Equity Mortgage
- The League Equity Mortgage(LEM) helps buyers make a larger down payment, which results in lower monthly payments and allows buyers to qualify for a conventional mortgage at today's low interest rates.
- Buyers participating in the LEM program will need a 10 percent down payment. League will then loan them an additional 10 -25 percent to allow them to qualify for a 65 to 80 percent conventional mortgage with Royal Bank of Canada.
- Under this program, buyers avoid the Canadian Mortgage and Housing Corporation(CMHC) mortgage insurance premium required for a high ratio mortgage and also qualify for a longer amortization period of 30 years if they wish.
- It resulted in monthly payments up to 40 percent lower than a CMHC insured 25 year mortgage, as no payment of interest or principle is required on the League Equity Mortgage.