First time buyers at the Mod Downtown,  a 15-storey, 129-suite mixed-use tower now rising on View Street at Cook Street in the former Pluto’s Diner location, could be getting some relief.

Victoria Presales has learned that the developer will be offering a first time home buyer incentive. The new program will allow a down payment option that lowers the up-front (or pre-mortgage) cost to secure a home at Mod from 15% to 10%, and buyers can make equal instalments of 2.5% over a 12 month period in lieu of the three month standard.

About the development:

Representing the southeast corner of the downtown core, Mod is the culmination of an enduring desire to create an iconic building. Mod’s powerful, yet elegant design ensures its place as a timeless and significant piece of Victoria’s urban fabric. Great care has been taken to conceive extraordinarily liveable homes. The abundance of natural light provided through the design in which all living areas and bedrooms are on exterior walls affords each home something spectacular.

The architect has created a floating effect for both the podium and the tower. By recessing the commercial space at street level, the bold podium floats above. Recessing the interstitial fourth floor allows the slender, elegant tower to hover over the powerful podium.