Renters in the Capital Region will soon have the option of contributing a portion of their monthly rent towards a condominium purchase through a first-of-its-kind program launching this month on the Westshore, Citified has learned.
Crossing at Belmont, the 156-suite rental component of Langford’s mixed-use Belmont Master Plan community nearing completion along Jacklin Road, is readying to welcome tenants this fall with a rent-to-own initiative
catered to individuals working towards homeownership.
Qualified tenants will have the option of contributing 25% of their monthly rent towards a purchase at Belmont Residences, a multi-phased condominium project underway adjacent to Belmont Market and Crossing at Belmont.
“We understand that it’s becoming more difficult for buyers, especially millennials, in this market, to be able to save enough money towards owning a home,” says Marcela Corzo, Belmont Residences’ director of development. “We are delighted to be able to help put the movement of homeownership within the reach of more people."
For the first time on Vancouver Island, residents of a purpose-built rental complex will have the opportunity to accumulate credit towards a condominium, which, given Victoria’s high real-estate valuations, will present a much needed boost for first-time and younger purchasers.
“The Rent-to-Own program at Belmont is unique because it’s unusual for a developer to be able to offer both rental units and condos at ‘the right time,’ Corzo says. “Here, aspiring homeowners can breathe a huge sigh of relief knowing that just by renting at Crossing at Belmont, they are simultaneously building equity for home ownership.”
Belmont Residences’ vice-president of development, Eric Gerlach, believes a "helping hand" approach through the program will yield positive outcomes for tenants saving up for homeownership and who wish to remain within the growing Langford community.
“We want to provide a 'helping hand' to those looking to enter into homeownership one day," Gerlach said. "As we plan out the community, it makes sense to reward the new tenants of the Crossing at Belmont rental complex for their neighbourhood loyalty and help them purchase their dream home at Belmont Residences with this special rent-to-own initiative. We firmly believe that once a resident falls in love with the unique lifestyle of Belmont they won’t want to live anywhere else."
Dave Craig, president of local rental agency Devon Properties which will manage Crossing at Belmont upon completion, says any assistance for renters trying to break into the market is a welcome addition to Victoria’s housing equation.
“The Belmont Rental Rewards Program is a fantastic opportunity that will allow future potential purchasers a tool to apply part of their rent to purchasing a unit in at Belmont Residences. We have not seen this type of offering in the Greater Victoria market and it is very timely with many renters currently struggling to move into an ownership position. Just one more reason to choose Crossing at Belmont.”
Belmont’s rent-to-own program works like so:
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.
Participants in the program will be required to sign an Enrolment Form outlining the terms and conditions of the Belmont Rental Rewards Program.
With the 160,000 square foot Belmont Market shopping centre destined to become one of the Westshore’s premiere retail hubs, residents of Crossing at Belmont won’t have to go far for a wide array of amenities and services, including the convenience of a 52,700 square foot full-service Thrifty Foods grocery store at their doorstep.
Walking trails, parks, lakefront beaches and ocean beaches are among the many natural amenities within easy reach of the Belmont site, including adjacent access to the Galloping Goose Regional Trail which runs parallel to Belmont Residences with separated cycling connections to downtown Victoria, Sooke and the Saanich Peninsula.
With completion of Crossing at Belmont slated for the fall, Devon Properties will begin its lease-up period in the coming weeks. Residents considering taking part in the rent-to-own opportunity will have a choice of targeting Belmont Residences West’s
completion in spring of 2020, or the upcoming Belmont Residences East, anticipated to be move-in ready by the spring of 2022.
Belmont is an inspiring new 24-acre community being created on southern Vancouver Island’s Westshore. The project’s residential properties will comprise of six phases, including Belmont Residences East and West targeting first-time home buyers, working professionals, and downsizers.
The development is enhanced by numerous commercial amenities being developed by Crombie REIT that include a wide array of businesses and services. As part of a burgeoning district within the Westshore, Belmont’s residential offerings are quickly garnering attention as an ideal fit for individuals seeking seeking a vibrant, urban-meets-suburban lifestyle.
To connect with the Belmont Residences team click here
to view the project’s website, and to learn more about Crossing at Belmont’s rental opportunities, including the rent-to-own program, click here
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