Fit for a Growing Family

Cavatina Townhomes
8000 Bowcock Road, Richmond

List Price: $608,000 – $668,000
Floor Area: 1390-1540
Unit: 3 bed/2.5 bath and 4 bed/2.5 bath
Condo Fees: ~$275

Located in Central Richmond, the Cavatina Townhomes are close to pretty much everything you would need, including transit, shopping, schools and community facilities.  This 8-unit townhome complex has only 4 units remaining.  Each has their own unique floor plan with a list of enhanced features including: side-by-side garages, patio area, ‘easy clean’ cabinetry, stone countertops, and Green Home rating for CMHC insurance rebate.

PROS

  • Central location
  • Close to a number of amenities
  • Rooms are decent in size (Unit 4D has an extra large Master Suite)
  • Each unit has a patio area and some have an additional deck on third floor
  • 4-bedrooms have a option to have top floor as 4th bedroom, entertainment area or office
  • In-house storage unit under stairs
  • Children’s play area within complex
  • Nice landscaping
  • Bathrooms situated on every floor

CONS

  • Units along #3 road may have louder/busy road traffic
  • Not all units have side-by-side garage parking
  • Number of stairs for 3-story units
  • New units have to factor in GST and transitional tax
  • Maintenance fees are on the higher side for new builds
  • Kitchens are nice and open, but some feel a bit restricted in size
  • Living area not especially large

MORTGAGE DETAILS

Show Suite: Layout 2B, 1540 sqft
Purchase Price: $668,000 + 7% GST = $714,760

High Ratio Loan (less than 20% down payment)
Interest Rate: 3.54%
Amortization: 25-year
Down Payment (5%): $35,738
CMCH fees: $18,673.10*
Total loan: $697,695.10
Payment: $3,498
Approximate income required: $131,000
*CMHC Green Home rebate may apply (10% return)

Conventional Loan (20% or more down payment)
Interest Rate: 3.45%
Amortization: 30-year
Down Payment (20%): $142,952.00
Total Loan: $571,808.00
Payment: $2,549
Approximate income required: $95,500

From my home to yours
– Irene

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