A few months ago, in partnership with Vancity Credit Union, MyGastown launched a program to help renters become homeowners.
Last month they came up with another innovative campaign, cars for condos.
Here’s how it works. If you own a car and are thinking about moving to the city and going car-less, drive down to their presentation centre at 32 Water Street and get your vehicle assessed. If you’re not driving a rust bucket, you can then put the valuation amount towards a down payment on a $269,800, 500 square foot suite.
This development offers 61 condos and allows purchasers to own a home with just 5 per cent down – in comparison to the 20 per cent expected by other developers. With 500 square foot homes starting from $269,800 and 60 per cent of the homes below $300,000, these homes are within reach for many local residents.
Since the car for condos deal was announced, they’ve seen four times the daily visitors to the presentation site.
Since many people don’t have savings, their car becomes the down payment. The purchaser will still have to come up with the remaining funds to put down 5 per cent of the unit cost.
As more and more people, live, work and play in the downtown peninsula, the car for condo idea could be a great option and trade for those struggling to find affordable market housing.