Frequently Asked Questions

How does your Rent-To-Own Program work?

We rent you the home with the exclusive right to purchase it at a later date. Our buyers love it because it gives them time to save up a larger down payment or to clean up an ugly credit history. Maybe they need this as a bridge while they sell another home. We are contractually obligated to sell to you. You, however, are not obligated to buy. Your option fee and a portion of your monthly lease payment will be credited towards a down payment for when you purchase the home at the end of the term.

Why would I rent to own instead of waiting until I can get a mortgage?

If you are able to qualify for conventional financing, we certainly encourage you to pursue that option. However, many renters have gotten stuck in the endless cycle of renting. Our rent-to-own program can be the catalyst you need to launch out on the path to home ownership and financial stability. We will work with you to better your financial situation, making it easier for you to secure that mortgage when you are ready. Members of our team, such as mortgage brokers, will help you develop a plan to improve your credit rating and/or to build a larger down payment.

Am I restricted to a specific neighborhood or style of home?

Unlike some other Rent to Own programs, you are not restricted to homes we already own. We will work with you to find the home you want, in the neighborhood you want to live in. The home must be in good condition, verified by a professional home inspector prior to signing the agreement.

How much home can I afford?

Keep in mind that you will have to qualify for a new mortgage when you complete the purchase at the end of your contract, so the home also needs to fit within your financial capabilities to buy it. A rough guide would be that the lease amount (which covers mortgage payments, property taxes and insurance) should be no more than 35-40% of your income.

How much down payment do I need?

We are very flexible with down payment. We can offer you many options, and we will always do our best to work with whatever funds you have available. Unlike most lending institutions, we accept borrowed funds for closing.  If you have a close friend or relative willing to lend you money for your down payment you can use that in our program. Also, if you have RRSPs, you may be able to use those savings without penalty.

How do I qualify for the program?

If you have reliable income to support the monthly lease payments and are able to provide the required Option Deposit, you may be qualified. We base our decisions similar to a tenant screening process, but we will also determine if our program will help position you to successfully purchase the property at the end of your lease term.

Can I still qualify if I recently immigrated to Canada or if I have very poor credit?

Yes. If you are able to provide the required Option Deposit and verify a source of income to support your lease payments, you are in a good position. We will only deny applications if we feel that we cannot provide a solution that will help position you to purchase the home at the end of the lease term. We will also align you with financial planners that can assist you to establish or re-establish strong credit with the credit bureaus.

Who pays for insurance, strata fees and property taxes?

We do. Your lease payments are inclusive of the strata fees, property taxes, and building insurance fees. As is typical while renting, you will need to purchase your own resident insurance policy to cover your own possessions in the home. You are also responsible to set up and maintain payments for utility accounts such as hydro and gas.

May I renovate or improve the property?

Yes. You are free to make improvements as it can significantly increase the value of the property. You will need to obtain approval from us in advance if you plan to make any structural changes. We ask that you respect the property and complete any job in a professional manner.

Who is responsible for regular maintenance and repairs of the property?

You are. As you have the intention to purchase the property, you will be the direct beneficiary to any repairs or improvements made on the property.

What happens if I am unable to make my monthly payments?

As with any lending institutions, we require that you honor all obligations as outlined in the terms and conditions of the lease agreement. If you fail to make payment, or fail to pay on time then you will be considered in “default” and we may issue an eviction notice. If this happens, we reserve the right to commence legal proceedings to recover and secure our interest in the property. You will forgo your rights to purchase the property and forfeit your Option Deposit and all accumulated credits on the property. You should be fully committed to purchasing the property before entering into the rent-to-own agreement.

What if I do not want to, or am unable to buy the house at the end of the Lease?

While our focus is to create a program that works for your personal set of circumstances, its possible that you may not be ready or able to qualify for conventional financing at the end of the term. In this event, there would be a few options for you: 1) if you need more time we may be able to extend the lease, further building your down payment; 2) we may be able to help you secure financing, perhaps even be the bank for you. Or as a last resort, you can choose to walk away and owe us no more money, however, the money put towards your option consideration fee is non-refundable. We want to deal with committed people and we will work as hard as you to help you buy this house! If you feel it’s likely that you won’t be able to purchase the home at the end of the agreement, then maybe rent-to-own programs are not the best option for you.

What if I don’t qualify for conventional financing at the end of my lease term?

Establishing good credit takes time. The lease term is meant to be used as time for you to put your financial house in order. We can align you with certified financial planners to help you establish your credit, but ultimately it is your responsibility to use the time to your best advantage. If, by any chance, you need more time to qualify for financing at the end of the term then the lease term can be renewed.

I’m very interested. What is the next step?

The best way to get started is to complete our application. You can even fax or email it for faster processing! We will then review the information and contact you with a price range of your new home that fits your financial criteria. We will then work with you to find your new Dream Home.