Coming soon to the heart of Toronto’s Downtown East, Daniels introduces The Wyatt – a collection of condominium suites that will redefine downtown living.
Not only will this incredible community offer a rare homeownership opportunity in downtown Toronto, but we are making it easy by only asking for 5% of the purchase price, payable with our 5% Gradual.
Deposit Payment Plan
Here’s how it works, you only need to provide $3,500 on signing of the Agreement of Purchase and Sale, and $1,000 per month until your move-in date, or until 5% of the purchase price has been paid.
If you qualify for a 95% first mortgage your 5% deposit is all you’ll need. Of course, if you have the cash, you may choose a higher down payment in order to lower your monthly mortgage payments.
If you do not own a home and are currently renting you may qualify for Daniels’ First Home BOOST – The most powerful homeownership program ever created. This innovative Down Payment Program provides an INTEREST-FREE and PAYMENT-FREE loan for an additional 10% of the purchase price, turning your 5% deposit into a 15% down payment! This program will allow you to carry a mortgage for only 85% of the purchase price, which means lower monthly carrying costs – and the most attractive opportunity to get into home ownership in the city.
- The BOOST program provides qualified purchasers with a 10% down payment assistance in the form of a second mortgage
- The funds are recognized by CMHC
- This is an interest FREE and payment FREE second mortgage
How to Qualify
- You and/or your spouse cannot own a home in Canada, and you must currently be renting
- Your home at The Wyatt must be your sole and principal residence • Your annual household income does not exceed $87,800
- You must be a permanent resident of Canada
- You must be 18 years of age or older
- Repayment occurs when you sell your home or when it is no longer your principal residence
- At that time you will repay the original 10% second mortgage plus 10% of the capital appreciation. As an example – on a purchase price of $250,000 where a 10% second mortgage was obtained and the resale price was $300,000, the repayment would be the original 10% ($25,000) plus 10% of the $50,000 increase value, which would equal $5,000 for a total repayment of $30,000
- If you sell your home within the 20 year period but experience a capital loss, repayment of the loan is waived provided it is sold at fair value and the sale is an arm’s length transaction
- If you own and occupy the home for 20 years the second mortgage is forgiven
- If you would like to repay the loan within 20 years without selling the home, the 10% second mortgage plus 10% of the capital appreciation must be paid.