© Times-Herald photo by Lisa Goudy
A crane digs into the ground at the future site of Creekstone Villas development behind Warner Street between Ninth Avenue and 11th Avenue on Wednesday.
New Rock Developments offers mortgage assistance plan
Townhouses are selling fast for the Creekstone Villas development currently under construction on South Hill.
“The thing that’s made us renowned across the board through B.C., Saskatchewan and Alberta is the unique mortgage assistance plan that we are the only ones able to offer,” said Cam Ens, New Rock Developments president. “The majority of people that we see are people wanting to get out of the rental market, people that want to get into home ownership but maybe don’t have the full down payment.
“That too is really orientated around they can make the payments, but they don’t have the lump sum to pay down. So our mortgage assistance will pay it down for them.”
Under the program, New Rock can offer a townhouse-style two-bedroom home with seven-year mortgage assistance programs with mortgage payments starting at $963 per month including condo fees. The two-bedroom home is more than 1,270 square feet.
Overall, the company offers more than $24,900 in mortgage assistance. The company will give the purchaser $7,500 towards the down payment, meaning that instead of coming up with $13,000 or $14,000, customers only need to come up with between $5,500 and $6,600.
“A lot of people will say, ‘There’s got to be a catch with the mortgage assistance.’ There is no catch. What we do is we get the house appraised and we sell it for below appraised value,” said Ens. “We give you back money to the purchase of your own home that would essentially be a normal developer’s profit. So we take less profit, but we sell in volume. We’re one of the fastest growing home builders across Western Canada.”
Creekstone Villas, located between Ninth Avenue and 11 Avenue behind Warner Street, is the newest development for New Rock in Saskatchewan. It will have a total of 34 townhouses with either two or three bedrooms.
In a development in Regina, Ens said New Rock sold 126 units in one hour in 2012. In 2013, they returned and moved 87 units in “minutes.” In Saskatoon, 126 units were moved in “basically weeks,” he said.
“Saskatchewan market’s been super hot,” said Ens. “Moose Jaw, we’ve had lots of interest. It’s a little bit of a slower market but it’s also that time of year … They’re selling quickly.”
Further to the mortgage assistance program, New Rock has partnered with the City of Moose Jaw Affordable Home Ownership Plan (AHOP).
“For specific purchasers that qualify, they’ll be able to get a portion of the down payment paid for them that’s non-repayable at all,” said Ens. “Depending on household qualifying income, which our sales rep would be able to go over, purchasers could take advantage of the AHOP program and have down payments starting just right around $4,000.”
Also, if anyone purchases a home in buildings five or six “right away,” Ens said New Rock would include more than $3,000 of free upgrades, including free air conditioning and a flooring upgrade.
While many people are waiting until the show home opens — the date is still unknown — Ens said New Rock is pushing hard now for people to purchase townhouses.
“You can get in. You can pick your features, pick your wall colour, pick from three colour packages, pick your granite colour, all that. Once they’re built you can’t really pick any,” he said. “It’s a perfect time to buy. Mortgage assistance program is a great way to help people get into home ownership, especially in Moose Jaw. The Moose Jaw market out there is in dire need when we watch the rental market.”
Representatives will be in Moose Jaw for a trade show in March or April. In the meantime, for more information call sales representative Deb Thorn at 306-693-7332, email firstname.lastname@example.org or visit creekstoneliving.com.
Follow Lisa Goudy on Twitter @lisagoudy.