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UNDER CONSTRUCTION
Belmont Residences West
Use: condo
Address: 960 Reunion Avenue
Municipality: Langford
Region: Westshore
Storeys: 5
Condo units: 80 (1BR, 2BR, 2BR + den, junior 2BR)
Sales status: pre-sales
Belmont Residences West is a five-storey, 80-unit condominium residence situated along the Galloping Goose Reg... (view full profile)
Learn more about Belmont Residences West on Citified.ca      Official website: belmontresidences.com
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[Langford] Belmont Residences | Condos, multiple phases | Under construction


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#21 Victoria Watcher

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Posted 02 April 2019 - 08:11 AM

So if I understand this correctly, one pays extra on their rent in order to have a portion set aside in a non-interest bearing account so that you may chose to apply it towards a down payment at some future point. Wouldn't one be far better of to put that money into an RRSP, get the tax deduction, get the increase in value over time and then use the first time homeowners program to withdraw the down payment tax free?

 

yes if that 25% directly translated into a premium.  but it doesn't.


Edited by Victoria Watcher, 02 April 2019 - 08:12 AM.


#22 sdwright.vic

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Posted 02 April 2019 - 08:12 AM

Oh gawd Mike!

Where are your journalistic standards? Fair and unbiased reporting?
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#23 sdwright.vic

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Posted 02 April 2019 - 08:14 AM

yes if that 25% directly translated into a premium. but it doesn't.


But it does if you don't move into there building, stay were you are, save $300- $400 a month on rent by doing so.
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#24 lanforod

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Posted 02 April 2019 - 08:16 AM

But it does if you don't move into there building, stay were you are, save $300- $400 a month on rent by doing so.

 

That's only valid if where you are currently is an equivalent rental... unless you're in a brand new rental about the same location, size and 'luxury' level, and paying 300-400 less, that argument doesn't really work.



#25 Mike K.

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Posted 02 April 2019 - 08:18 AM

SD, you're being incredibly unreasonable.

 

See my responses in bold below.

 

One, Bosa builds other places besides Vancouver

 

- Bosa Properties and BlueSky Properties have no condominium inventory planned (to my knowledge) or underway in Greater Victoria. The equity program would require a Victoria resident to purchase a condominium outside of Greater Victoria.

Two, these programs (for either Ledcor or Bosa) areonly useful if someone is able to be approved for a mortgage.

 

- obviously

Three, the article claimed:

"For the first time on Vancouver Island, residents of a purpose-built rental complex will have the opportunity to accumulate credit towards a condominium..."

 

- right, they will have the opportunity to accumulate credit towards a condominium

Also:

"Qualified tenants will have the option of contributing 25% of their monthly rent towards a purchase at Belmont Residences."

It is in fact not the first time, and Ledcor uses the phrase "qualified tenants". Bosa sets the 25% aside for all tenants.

- it is the first time. Where are renters currently paying rent in Greater Victoria, where a portion of their rent is contributed towards a condominium purchase? There are no such programs currently in effect, i.e., nobody is currently contributing a portion of their rent towards a condominium.


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#26 Victoria Watcher

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Posted 02 April 2019 - 08:19 AM

But it does if you don't move into there building, stay were you are, save $300- $400 a month on rent by doing so.

 

that's why it's fantastic the free market runs all this the consumer can decide for themselves.



#27 Mike K.

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Posted 02 April 2019 - 08:21 AM

But it does if you don't move into there building, stay were you are, save $300- $400 a month on rent by doing so.

 

Why not live in a tent and save $1,500 per month?


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#28 sdwright.vic

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Posted 02 April 2019 - 08:22 AM

It does if you are in
a newly renovated (well four years ago when I moved in) 780 sq ft apartment that is only $1100 a month and has a pool and a gym. New does not equal luxury, no matter how they try to spin it.

My building may be from the 70's but the common areas are completely rehabilitated, new elevators, suite has new floors, cabinets and countertops, balconies are being replaced this year.
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#29 sdwright.vic

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Posted 02 April 2019 - 08:22 AM

Why not live in a tent and save $1,500 per month?


Now you are just being ridiculous, I would save $1100 per month.

Edited by sdwright.vic, 02 April 2019 - 08:23 AM.

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#30 Mike K.

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Posted 02 April 2019 - 08:25 AM

It does if you are in
a newly renovated (well four years ago when I moved in) 780 sq ft apartment that is only $1100 a month and has a pool and a gym. New does not equal luxury, no matter how they try to spin it.

My building may be from the 70's but the common areas are completely rehabilitated, new elevators, suite has new floors, cabinets and countertops, balconies are being replaced this year.

 

The beauty of the free market.

 

You enjoy living in a re-hab'd 70's building on Gorge Road. Others don't. It's all good, though.


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#31 sdwright.vic

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Posted 02 April 2019 - 08:27 AM

It is still not my point. This is not "first-of-its-kind on Vancouver Island", as the article suggests.

But no, battle a different thing that I was not the one to bring up.

Edited by sdwright.vic, 02 April 2019 - 08:27 AM.

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#32 Mike K.

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Posted 02 April 2019 - 08:29 AM

Where are renters currently utilizing an equity program on Vancouver Island, sd?


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#33 sdwright.vic

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Posted 02 April 2019 - 08:33 AM

I already pointed out that Bosa will be doing it as well, and it will actually be the first to market.
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#34 Mike K.

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Posted 02 April 2019 - 08:35 AM

Ah, so they will be offering it, and for buildings in Vancouver.

 

Ok, thank you for your feedback.


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#35 Victoria Watcher

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Posted 02 April 2019 - 08:36 AM

this of all arguments seems like a strange hill to die on.



#36 Mike K.

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Posted 02 April 2019 - 08:37 AM

I'm not sure I understand it, either. Does SD own stock in Bosa, or something? 


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#37 sdwright.vic

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Posted 02 April 2019 - 08:39 AM

^You choose yours, I will choose mine.

But in reality, it was not a "hill to die on". It was pointing out that a journalistic outlet did not have the facts of their article correct.

Edited by sdwright.vic, 02 April 2019 - 08:43 AM.

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#38 sdwright.vic

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Posted 02 April 2019 - 08:42 AM

I'm not sure I understand it, either. Does SD own stock in Bosa, or something?


What does that have to do with anything? You of all people complaining about journalistic errors by media outlets should appreciate having it pointed out that you missed a similar program?

What skin in the game do you have by not just admitting you missed the other program as well?

Does Ledcor advertise with you more than Bosa?

I can be insulting as well.
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#39 Mike K.

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Posted 02 April 2019 - 08:49 AM

What does that have to do with anything? You of all people complaining about journalistic errors by media outlets should appreciate having it pointed out that you missed a similar program?

What skin in the game do you have by not just admitting you missed the other program as well?

Does Ledcor advertise with you more than Bosa?

I can be insulting as well.

 

You're not being insulting, you're being dramatic.

 

I did not cover the program because it has no applicability to the local market. In light of Ledcor's program that has applicability to the local market, Bosa's program could result in negative publicity for them, and I'm not interested in that.


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#40 sdwright.vic

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Posted 02 April 2019 - 08:53 AM

Negative publicity on a program they are pushing on their promotional site for the property?

Guess they aren't as concerned as you.

As for being dramatic, if that is not the pot calling the kettle black!
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