Saturday, April 13, 2019 ~ LANGFORD.
by Mary P Brooke ~ West Shore Voice News
People lined up early today, to get a first crack at renting an apartment in the Crossing. The Belmont Residences sales centre wasn’t going to open until noon, but people were welcomed inside out of the rain starting around 11:15 am.
In a tight rental market and difficult home ownership market, the opportunity for apartment rental that can lead to ownership of a condo across the street has not surprisingly met with instant appeal.
This rent-to-own offering of 156 units — 76 to be ready in ‘Building 8’ (Crossing West) in September 2019, and 80 in ‘Building 7’ (Crossing East) early in 2020 — is the first of its kind on south Vancouver Island, with Langford haven taken the lead in response to home ownership market challenges.
“I think it will be a well-accepted program and allow young people to plan and save the deposit that is so important for realizing home ownership that currently is difficult to attain,” said Langford Mayor Stew Young today, pleased with the success of the rental open house.
Last week Langford Council agreed to contribute $5,000 per unit sold under the Crossing at Belmont RTO arrangement; those funds come to the municipality from developers (i.e. development cost charges). And this week Mayor and Council celebrated the rent to own offering with the Belmont developer and sales team.
The developer is Belmont Crossing Developments LP (Ledcor) out of Vancouver, and the rental team is with Devon Properties Ltd.
The excitement level was high for everyone at the sales centre today. Prospective tenants represented a wide age range, from young adults seeking their first apartment, to couples with children, to middle-age professional couples, to older down-sizers. Pretty much everyone went on tours with the Crossing at Belmont team in groups of eight to 10 people, to view newly-staged one- and two-bedroom show suites. People chatted among themselves about exciting new futures and asked questions of the sales reps on hand.
The Crossing buildings are five-storeys high. The first level is commercial space. Residential apartment units are on the second, third, fourth and fifth levels. Views include Belmont Market commercial areas and the Belmont Residences condo buildings, and skylines beyond.
Floorplans for all the unit sizes were available as printed handouts today. There are four floorplans for the 1-bedroom suites, and eight floorplan options for the 2-bedroom suites. All units include a balcony. More information is also available on the Crossing at Belmont website.
Crossing at Belmont suites have been designed with maximum space efficiency in mind. Condo-quality materials and finishes have eco-friendly characteristics including LED lighting, double-paned windows and soundproofing insulation. Large windows and high ceilings add to a sense of spaciousness.
Each home is wired for today’s technology. Special touches include a multi-USB port in every kitchen. TV outlets and phone jacks are conveniently located. There’s in-suite laundry, and smart-meters for electricity and water. Units are pet-friendly. High-end kitchens include contemporary cabinetry and and Whirlpool appliances. Bathrooms include soaker tubs.
“Rent for a 1-bedroom suite — that’s for 552 to 575 sq ft — will range from $1,475 to $1,600,” says Read Kipp, CEO, Devon Properties. “For larger units of 1 bedroom + den (643 to 770 sq ft) the rent range is $1,775 to $1,900,” he said today at the sales centre. The 2-bedroom units (820 to 861 sq ft) will rent in the range of $2,000 to $2,450; the higher range is for corner suites with additionally large windows for great views.
Crossing at Belmont tenants will be able to effectively see a percentage of their monthly rent payments help them buy a home at the Belmont Residences condominiums in the same new subdivision. Not only would that mean a move ‘across the street’ physically but also across the financial divide into home ownership.
During the 3-year period after signing a lease, any original tenant of the Crossing can have 25% of their rent recognized as loyalty points. Those points will accrue until the tenant acquires financing and successfully closes on a condo unit at Belmont Residences East (coming on stream in 2022).
The first Belmont Residences condo building is coming on-stream in early 2020. Many of the units in that building have already been pre-sold, resulting from a phase of marketing that started in spring 2018.
Here’s one example of how it will work: A tenant paying $2,000 in monthly rent for a two-bedroom Crossing at Belmont unit, will have earned a credit equal to 25% or $500 of that payment being automatically set aside towards the future purchase of a Belmont Residences home. By Spring 2022, the renter will have accrued a $13,500 down payment toward purchasing a condo. Specific situations will differ depending on the suite and rent. Participants will be required to sign an Enrollment Form setting out the terms and conditions of the Belmont Rental Rewards Program)(*).
(*) Legal Disclaimer – This is not an offering for sale of strata lots in Belmont Residences West or Belmont Residences East, which can only be made by a disclosure statement.
The Crossing at Belmont units will be available for rent in the fall of 2019, with Belmont Residences West completing in Spring 2020, and Belmont Residences East completing in Spring of 2022.
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Housing leadership is coming fast now in Langford (April 3, 2019)
Langford & Ledcor celebrate the launch of rent-to-own (April 12, 2019)