5% Down Payment
Apply to be the exclusive purchaser who gets to trade in their car for cash towards their down payment.
Come to the presentation centre to get your car appraised by Autoform and get cash towards your down payment.
The appraised value of your car is used towards your down payment. You can qualify for the 2% VanCity deposit program.
You get a free 1-year membership to Modo The Car Co-op, giving you access to 300 vehicles across Metro Vancouver, including 2 vehicles on site.
PRESS RELEASE -
New, innovative program promotes car-free living in Gastown
January 20, 2014, Vancouver
Coming up with a down payment for a condo in Vancouver is a huge issue for many young people and young families. But what if you could trade your car in for a down payment on a condo? Would you?
With the rising popularity of car-free living, and the prevalence of car co-ops and car shares, My Gastown Developments and Key Marketing are hoping their innovative new Car for Condo program, launching this week, will help young people and young families get into the housing market.
Here’s how it works: you drive your car to the “Presentation Centre” for InGastown, located at 32 Water Street. InGastown is a 61-unit, concrete development on East Cordova featuring 501-square-foot condos starting at $269,800. Your car is immediately assessed onsite by experts from Autoform. The assessed value is then put directly towards your down payment. So if you have a car that’s valued at $5,000, you would only need an extra $400 to qualify for a minimum, 2% mortgage on a $269,800, one-bedroom condo.
(With the 2% down program supported by Vancity Credit Union, you would still need to make monthly payments during construction - up to 16 months, but the monthly payment of $512/month would go towards paying off your own home and making up the difference of a 5% down payment.)
Another scenario: Say you have a car that’s worth $12,000. You would need to put in an extra $1,490 to make a 5% down payment, with no monthly costs until completion.
In either case, Car for Condo buyers also get a free Modo membership and access to cars onsite, making it easy and convenient to live car free in their new home. “A car is a depreciating asset so trading in a car for a condo – an appreciating asset – makes good business sense, and this new program allows some people more choices in how they want to live,” says Cam Good, president of Key Marketing. “This helps people get a foot in the door if they want to live in Gastown, get money for a down payment and live car-free to reduce expenses.”
According to newly released 2011 Census data, car-free living is an increasingly popular lifestyle choice, as is condo living in general. In fact, apartment and condo living has grown by approximately 64% since 1991 in the city of Vancouver. That’s a huge increase in just two decades. (See chart attached for more details.) CMHC also released new data in December showing Vancouver had the highest rate of condo ownership in the country – at 35%, or triple the national average.
A recent report by Urban Futures also shows the two major Vancouver car share programs have more than 40,000 drivers, up from practically none five years ago. (ZipCar refused to release its member data.) And commuting time for those living in Vancouver is dramatically shorter than for those in Richmond, Burnaby and other suburbs not only for going to work, but also for everything else – errands, shopping and taking kids to school.
“For those who work at home, in or near the downtown core, our new Car for Condo program means you can trade the monthly expenses of your car, get a down payment for a condo but not forego convenience,” says Good. “With a free Modo membership and cars onsite, buyers can get a car whenever they need one. And Gastown offers a huge number of great amenities like restaurants, shops, cafes and galleries, all within a few blocks radius.”
Presentation Centre 32 Water Street, Vancouver | t: 604-568-0228
Presentation centre is off site. It is not where the development is located.
MYGASTOWN DEVELOPMENT LP
This is not an offering for sale, such an offering can only be made with a disclosure statement. Dimensions, square footage and floorplans are approximate only. Final dimensions, square footage and floorplans may vary and will be determined by final strata plan measurements. The Developer reserves the right to make changes to the floorplans, project design, appliances, specification and features. Prices subject to change without notice. Some conditions apply. E.&O.E.