Offering generous incentives appears to have paid off for the Censorio Group which broke ground November 26 on its 21-storey Elliott Street tower in New Westminster.
For the past year, Censorio has been offering pre-sale buyers of Elliott condos two years of mortgage payments or, if they are investors, two years of guaranteed rental payments. At the lowest prices, starting at $274,900, this equates to approximately $30,000 in cash incentives.
Censorio claims to have sold 70% of the 130 Elliott Street condos and is still offering the incentives. Most of the buyers have been owner-occupiers, not investors, according to a Censorio spokesperson.
New Westminster mayor Wayne Wright, who was on hand for the groundbreaking, noted the city’s population is expected to increase 30% to 2021, which helps to make homes a good investment in the Royal City.
“New Westminster is a vibrant community full of young potential. Compared with the Lower Mainland, New West’s population of young adults is growing at a much faster pace,” said Wright. “We have seen a distinct rise in the number of young families in the last five years.”
A brand new $23.2 million elementary school is scheduled to open two blocks from Elliot Street in September 2014, he noted.
