New Rock Developments recognizes that with rising house prices, sometimes at an alarming rate, it is increasingly difficult to become a homeowner. The opportunity to increase personal wealth via homeownership is eluding many households. With this in mind, NewRock set out to find a solution to the 4 main factors that are keeping people from obtaining home ownership. The solution? The CCL Mortgage Assistance Plan.

1. THE DOWN PAYMENT

Many renters are paying more than what owning a NewRock home will cost. High rents are often the reason it is difficult for households to save money for a down payment. NewRock addresses this issue by giving a portion of the sale proceeds back to the purchaser to assist with their down payment. The down payment assistance is an interest-free loan from NewRock and only needs to be repaid if the home is sold in the first twenty years or is refinanced or leased. ONLY the original downpayment assistance amount is repaid and depending on when the home is sold, it will be provided to subsequent owners - a real sales incentive! Any other equity gain belongs to the homeowner and can be used as a down payment on their next home. Depending on the development, this down payment assistance can be as high as $10,000.

2. MONTHLY PAYMENTS

To make it easer for households to attain home ownership, NewRock also provides a portion of the sale proceeds, paid to each household in monthly installments over a time limited period. The amount and length of time that the payments will be available varies by development, however it can be as high as $57,000 over 10 years. This money NEVER has to be repaid! If the home is sold before all funds have been paid out, they will be provided to subsequent owners. As with the downpayment assistance, this becomes a huge incentive to purchase your home when you go to sell. These funds are held in trust and administered by The Canadian Society For Housing Trusts, who operates independently at arms-length from NewRock Developments.

3. QUALIFYING

The CCL Mortgage Assistance Program makes qualifying for a home much simpler. Under the Plan, purchasing a $275,500 NewRock home is the equivalent of purchasing a $175,000 home from another builder. The CCL Mortgage Assistance Plan lowers the household income necessary to qualify to purchase a home. In High River, we have been able to reduce the qualifying income from approximately $76,000 to $38,000.

4. COST OF HOUSING

The cost of housing is constantly on the rise and is another contributing factor in many people not being able to purchase a home. NewRock sells all of our homes BELOW their appraised value. If you purchase a Classic home you will have built equity before you even move in!

NewRock's Signature homes are built to the same quality standards as our high end condos. They include granite countertops, five appliances, window coverings, and beech cabinets along with many other upgrades. We have a multitude of floor plans to choose from. All plans are very spacious and over 1000 sq. ft.in size.

WHATS THE CATCH?

There simply is none. We have helped more than 600 households obtain home ownership.

WHY WOULD CLASSIC DO THIS?

We really enjoy seeing people’s lives change once they have the opportunity to own their own home.