Developer offers discounts on starter apartments

Here's a deal you rarely hear about in the Vancouver area.

Developer Concord Pacific is giving young home buyers a lucrative break.

Fifty buyers in the first phase of a new development in Burnaby will qualify for an incentive similar to the province's home buyers program.

 For young, first time buyers — aged 19-35 — on units worth up to $500,000, the developer will reduce the down payment to 15 per cent and pay half the monthly mortgage for a year.

Grant Murray, Concord's senior vice-president of sales, said the savings are considerable.

 "In addition to this savings they would be, obviously from the BC government, be receiving the property transfer tax exemption of $5,200 and the savings with the federal government on the GST rebate of $6,480," Murray said.

 In addition to the age requirement, buyers must have have lived in B.C. for two years. 

The Concord Brentwood development will eventually include 10 towers between 40 and 45 storeys high. 

With files from Belle Puri