“The developer covers the cost … it’s essentially a very aggressive mortgage buy-down. If you can own a piece of real estate for a dollar a day, that’s something that is really remarkable,” Taylor said. “We convinced our developer client to do the buy-down all the way to a dollar a day [for certain units].”
Clients have the option of having the developer pay the lender directly, or taking a rebate off the price of the property.
And according to Taylor, the promotion is open to most buyers who qualify for a “reasonable” mortgage rate.
“I would probably have to put a rate cap of 3.5-4 per cent or something reasonable; I don’t want someone coming in with private money, but we’ve actually never had that problem. People have always been very fair and very reasonable.”