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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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#41 Mike K.

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Posted 02 April 2019 - 08:57 AM

Guess not.

 

Thanks for the feedback, sd.


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#42 shoeflack

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Posted 02 April 2019 - 10:45 AM

 

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.

 

Not to start up this argument again, but this is a bit of a strange point. Renters who move into 1008 aren't going to take that first month rent equity and immediately put it towards a Bosa property. They need quite a bit of time to build any real value. So even if Bosa had a project ready for market in Victoria now or even a year from now, no renters would be able to apply that credit towards that project anyways.

 

By the time that value exists, Bosa could very well have another property approved or under construction in Victoria. They've built here before and will build here again. Also, renters have up to two years after they end their tenancy with BlueSky/Bosa to use that credit. So if you sign a one year lease starting this fall and move out fall 2020, you would have until fall 2022 to use the credit. That's a lot of time for Bosa to get a project underway in Vic.

 

I'm with sd here...what's the issue in noting in the article that there is in fact another rent-to-own program about to begin in Victoria? If anything it just gives the reader more information about two great options for renters trying to enter the market.


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#43 Mike K.

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Posted 02 April 2019 - 11:14 AM

If Bosa wants to approach me and identify their future plans I’ll put something together. But right now their program pitted against Ledcor’s will make for an unbalanced and unfair comparison.

“You want me to save towards what? Some future plan, maybe?” That doesn’t translate very well to a full-on comparison, in light of how long 1008 Pandora took to materialize.

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#44 Mike K.

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Posted 02 April 2019 - 11:20 AM

If the intent is to make one program look good, and another not particularly great, then that’s a different approach and I’m not keen on it.

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#45 sdwright.vic

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Posted 02 April 2019 - 11:59 AM

BosaEquity- how it works:

Show Me the Math, Please.

Let’s say your rent is $1,800 a month. Of that, $450 can go toward the purchase of a new Bosa or BlueSky home. After 24 months, you’ve got $10,800 in that account. Nice!

Keep going; we’ll credit you up to a maximum of 5% of the new home’s price. So if you’ve got your eye on a home that’s $400,000, the maximum BOSAequity™ credit you can use is $20,000. And that would take you just over three and a half years to save if your rent is $1,800.

Now we all know a new built condo at $400K is a bit of a pipe dream, especially 3.5 years from now. So, we are looking 4-6 years of renting to be realistic to build the equity for the down payment.

The other guys:

A Crossing at Belmont tenant paying $2,000 per month for a two-bedroom residence will automatically generate a 25% contribution in the form of points towards a condominium purchase, which works out to $500. By spring of 2022, that resident will have contributed $13,500 towards a purchase of a home at Belmont Residences East. A monthly rental rate of $1,650 would yield $11,137 over the same period.

You are no where near the required amount for a down payment, and still have to come up with money on your own, somehow, while paying a premium rent. This project is to be built out by their equity date of 2020.

What happens to the money if they are built out and you don't have the additional money for the remainder of the down payment? You SOL?

The BosaEquity stays with you as long as you stay, and is good for two years if you move out. I can use my equity and buy a place in Vancouver (since your stuck on that city), have it pay my rent while staying on the island! Or low in behold in 6 long years from now a Bosa condo tower goes up in Victoria.

But what do I know, being some lowbrow guy living on the Gorge with a low rent and the ability to invest his own money?
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#46 Mike K.

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Posted 02 April 2019 - 12:20 PM

You’re infusing conjecture and misinformation into your analysis.

As we’ve already addressed, this isn’t a down payment. It’s a contribution towards the purchase price. Both of the programs are a contribution towards the purchase price.

As per the article, Ledcor has six phases of residential at Belmont. Phase one is Crossing (the rental buildings), phase two is Residences West, phase three is Residences East. You’re not obligated to purchase at Residences East or West, but you can if you want to.

The smart move is to not pay rent at all, and instead build equity in your condo rather than dragging out a maximum 5% contribution by renting for four or five years while gambling as to whether the market will remain in a pricing plateau or rise.

But you have to live somewhere, and start somewhere towards ownership, so if through your rent you can shift $500 towards a purchase price of a condo that is move-in ready in 2020, or in 2022, you have that option at Belmont. Once you’ve purchased a unit, your $2,000 mortgage (or whatever) is 100% directed into your asset rather than only 25% towards a purchase price, and only up to 5% of the purchase price.

Since you're intrigued by this I would recommend you reach out to Belmont and speak with them. They’ll advise you on the program and what your options are. My article is not a comprehensive reflection of their disclosure statement or agreement and all of the intricacies that it no doubt entails. And neither is your assessment of Bosa’s version since their agreement is no doubt comprehensive and detailed (admittedly I’ve seen neither).

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#47 spanky123

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Posted 04 April 2019 - 09:16 AM

My reading of the Belmont proposal is that your "points" would be used as a discount against the purchase price (as opposed to a refund or payment that you could use to make the purchase). Would you still not need to come up with the full deposit however to get a mortgage (ie the reduction in price doesn't count towards the deposit requirements).?



#48 Mike K.

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Posted 05 April 2019 - 02:30 AM

Yes, absolutely. But your down payment would count against listing price minus accrued credits, so down payment % of $335,000 instead of $350,000 if you saved up $15,000 in credits through your rent.

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#49 Fairbanks

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Posted 05 April 2019 - 11:28 AM

Belmont Market - Langford March 31st

https://www.youtube....h?v=vSwFD5LCKyc


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#50 tjv

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Posted 05 April 2019 - 04:16 PM

anyone know anything about the remaining condo buildings to be built?  have they been given the go ahead?



#51 Citified.ca

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Posted 17 July 2019 - 12:34 PM

The developer is also offering 5% down-payments/security deposits.

 

Now-75%-sold-out,-Langford's-Belmont-Residences-condo-dev-rolls-out-'cool'-perks-for-new-purchasers.jpg

Aerial of the Belmont Market shopping centre and the MyBelmont residential district rising alongisde the retail hub. MyBelmont's Belmont Residences West, at-centre along the tree line, has reached 75% sold-out status and to celebrate the milestone 'cool' purchaser perks have been rolled out for a limited time ahead of the project's sell-out.

 

75% sold-out, Langford's Belmont Residences condo dev rolls out 'cool' perks for new purchasers

https://victoria.cit...new-purchasers/


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#52 Citified.ca

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Posted 30 July 2019 - 11:50 AM

July 25

 

Belmont-Residences-West-July-19-2019.jpg


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#53 Mike K.

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Posted 22 August 2019 - 04:00 PM

80% sold-out now.


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#54 aastra

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Posted 26 September 2019 - 05:44 PM

This UAV footage is for this, right?



#55 tiger11

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Posted 26 September 2019 - 08:38 PM

 

It is!



#56 Mike K.

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Posted 15 October 2019 - 07:02 PM

The rental component, Crossing at Belmont, has released its rates.

1BRs start at $1,500
1BR + flex at $1,825
2BR 2BA at $2,025

https://crossingatbelmont.com/home/

This is also the project where you can rent-to-own as part of the Belmont community and Belmont Residences West and (upcoming) East.

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#57 Citified.ca

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Posted 17 October 2019 - 06:58 AM

crossing-at-belmont-1.jpg

The entrance to one of two Crossing at Belmont rental buildings recently completed at the MyBelmont community on the Westshore. The 156-suite rental component of the mixed-use project is welcoming its first tenants this month. - Ledcor Property Development / Marcos Riano Photography

 

Rent-to-own pioneer Crossing at Belmont welcomes first residents to newly built Langford apartments

https://victoria.cit...ord-apartments/


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#58 shoeflack

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Posted 17 October 2019 - 10:31 AM

From the Facebook post..."The buildings are also the first on Vancouver Island to offer a rent-to-own program for their residents.".

 

...except for 1008 Pandora, which has been offering the Bosa Equity program since renters first moved into that building in the summer...a point that was previously brought up in this very thread...


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#59 Mike K.

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Posted 17 October 2019 - 10:37 AM

The point was also raised that there is nothing locally for the renters at 1008 Pandora to rent and then own. Every rental building in Victoria can announce it's rent-to-own, but without any inventory to offer it's not the same as what Ledcor was announced with Crossing at Belmont (rentals) and Belmont Residences West and East (condos).


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#60 shoeflack

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Posted 17 October 2019 - 10:44 AM

Totally get your opinion, Mike, and not meaning to dredge up an old argument. Just pointing out the factual error that this is not the "first on Vancouver Island to offer a rent-to-own program", as a program of that nature already exists at 1008 Pandora.


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