Panorama suites

Panorama condo has been approved finally. you are welcome to visit our sales office to find the unit you like.

Panorama Suites Condo locates at 8056 Niagara Falls, ON L2H 3N3

With a silhouette that stands 10storeys high, Panorama will rise tall against the Niagara sky offering unparalleled and expansive views of Niagara Falls and surrounding green space. Here you’ll get a birds-eye view of all that is one of Canada’s fastest emerging communities. With its ample suites, unobstructed vistas of picturesque parklands and a relaxing, it is a space truly unlike any other in the area.

A unique condominium residence that puts you in the heart of Canada’s vacation playground.

Entertain friends or watch the big game in one of Panorama’s spacious and accommodating suites.

Whip up a gourmet meal or simply a light snack in your modern kitchen.

 

Why do not use government money to start the first investment?

The government on Monday (2019 06 17)released details of a program  announced during the last federal budget, an initiative that could see Canada’s housing agency contribute up to 10 per cent of the price of a buyer’s first home if certain conditions are met.

Under the fine print for the First Time Home Buyer Incentive program, which was announced in March and will officially launch in September, a first-time homebuyer who earns less than $120,000 can qualify. The Canada Mortgage and Housing Corporation would kick in up to 10 per cent of the purchase price of the home, providing the borrower comes up with the minimum amount for an insured mortgage, which is now at five per cent.

There’s also a requirement that the total value of the mortgage plus the CMHC’s portion don’t eclipse $480,000. A government official says that  effectively means the program is only available for properties worth a maximum of about $565,000, regardless of whether or not they have met the other requirements.

If that bar is met, the CMHC may kick in an additional five per cent of the purchase price of a resale home. For a newly built home, the CMHC may contribute up to 10 per cent.

The stakes from the CMHC would be interest free, meaning no ongoing cost to pay down, like a mortgage does.

But the government says in exchange for its stake, the CMHC would get to participate “in the upside and downside of the change in the property value” — which means they would be entitled to any corresponding increase in the value of a home when the buyer eventually sells. On the flip side, the government would also on the hook for any share of the loss if the property depreciates.

On a home costing $500,000, if the borrower puts up $25,000 and the CMHC puts up the same amount, the CMHC would then own five per cent of that home. So if, down the line, the house appreciates to $600,000 and the borrower wants to sell, they would have to give the CMHC five per cent of the sale price — $30,000 in this example — not the $25,000 the CMHC put down in the first place.

While a bill would be paid down the line, the savings over the years could add up. In the example above, the program would save a would-be borrower $286 a month in mortgage costs over the life of the loan, $3,430 a year.

“This will mean more money in the pockets of Canadians and will help up to an estimated 100,000 families across Canada,” said Jean-Yves Duclos, the Liberal MP and cabinet member in charge of the CMHC.

This information is CBC news