One Bedroom suites with payments as low as $601.07 (20% down payment, 30 year amortization, 4.25% interest for 3 years)
Approved by CMHC for as low as 5% down, the payments are $734.82 (3 year term)
Two Bedroom Suites with payments as low as $773.98 (20% down payment, 30 year amortization, 4.25% interest rate for 3 years, full price $205,900)
Approved by CMHC for as low as 5% down, the payments are $946.21 (3 year term)
Payments are dependent on approved credit, and are plus monthly maintenance fees and property taxes.
In addition to the excellent value, there are major cost benefits for buyers in Copper Sky. Buyers benefit from lack of any requirement to pay GST/HST or Property Transfer Tax (PTT) on the purchase that is normally applicable when purchasing freehold property. The savings are considerable as outlined in our example below, and which vary with the purchase price. (The example assumes a purchase price of $250,000 and that the buyer does not qualify for any GST/HST rebates.)
Many successful developments have been popular on leased land, such as at University of British Columbia in Vancouver as well as on many reserve properties.
Many other leasehold developments in the Westbank area include Home Depot, Canadian Tire, Zellers, Staples, Superstore, several chartered banks and other businesses and institutions. In addition, a number of residential projects have been developed and sold near or adjacent to the commercial developments. Solicitor references are available for confirmation or legal opinions on the lease and buyers' rights.
Information Statement(PDF)
Land Head Lease - signed vol 1 part 1 (PDF)
Land Head Lease - signed vol 1 part 2 (PDF)
Sublease - Final Version July 14, 2008 (PDF)
The Copper Sky project is managed by KPMG, Receiver for Rempel Copper Sky Developments Ltd. The Receiver provides financial security and overall management to include completion of the buildings under construction, completion of the $4.5 million amenity building and maintenance of new Home Warranty with Travelers Home Warranty.
Sawchuk Developments Co Inc., well known as a local contractor in the Okanagan since 1981, has contracted with the Receiver for completion of the construction. Visit www.sawchukdevelopments.com for a list of other high quality projects completed by the contractor.
Copper Sky is approved for financing by many major lenders and has been approved by Canada Mortgage and Housing for high ratio insurance. Copper Sky meets the stringent lending guideline criteria of the various lenders, which ensures integrity and value for buyers. Various sources of financing are available at very competitive rates and terms. Please contact the sales team for details.
LEARN MORE
