I'm outraged! The latest ad for Reflections in Langford is absolute and total deception! The ad states that you can now buy a 2 bedroom condo valued at $334900 for zero money down, thus giving you a $995 monthly payment for the first twelve months (whatever that means!). First of all, zero money down is a poor financial decision (we are now NO different than what went on in the U.S.). Secondly, $995 a month, yeah right. Put into a mortgage calculator the $334900 purchase price, 40 year amortization, 5.99% interest rate, what do you get - $1823.23 a month! What the...!!! I wonder, is it Peter Gaby or the developers sensing a serious downturn that are willing to pay for half your mortgage for the first year!
People, don't do it! It's all lies!
Sorry, I've gotta take some deep breaths here. If Gaby and/or the developer wanted to maintain a stitch of integrity, they'd simply lower the prices and present the real purchase numbers. However, they know that to present that same monthly mortgage payment, even with the 40 year amortization, the price of that particular condo would have to be $183000. Wow, that's almost reasonable!