Dollar-a-day mortgage offered by B.C. condo developers

As Canadian banks slash their mortgage rates to new lows, a developer in BC is offering a dollar-a-day mortgage to interested home buyers in the Metro Vancouver region as incentive to buy in. WestStone Group and Platinum Project Marketing are offering the deal for buyers of a luxury condo in the Vancouver suburb of Surrey.

After the first year, buyers must start paying down the rest of their mortgage at the regular rate.

Vince Taylor, of Platinum Project Marketing, said the move is critical to entice prospective buyers who are savvier than ever. “If we’re not one step ahead; if we’re not fully prepared; if we’re not ready to go a mile further than the next guy, we won’t sell any condos,” he said.

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