Frequently Asked Questions
How do I qualify for the Rent-to-Own program?
If you have reliable income to support the monthly payments and are able to provide the required Initial Option Consideration, then you may be qualified. Your application may be reviewed by a licensed mortgage broker to help us determine the best payment terms to structure for you.
Can I still qualify if I am a new immigrant?
Yes. Our rent-to-own program is ideal for many new immigrants that need time to establish good credit and build a stable income history.
Can I still qualify if I have very poor credit?
Yes, you can still qualify for our rent-to-own program even if you have poor credit.
What happens if I don't qualify for conventional financing at the end of my lease term?
Establishing good credit takes time. The initial lease is based on 1-3 years, with renewable annual terms for up to 5 years. This gives you the benefit of time to put your financial house in order. We can align you with licensed credit counsellors to help you establish good credit, but ultimately it is your responsibility to use the time to your best advantage.
Who pays for insurance, strata fees and property taxes?
The owner/landlord pays for strata fees, property taxes, and building insurance fees. You would be required to obtain renter's insurance and pay for all personal utilities such as hydro, gas, cable tv, telephone, internet etc.
Can I exercise my option to purchase the property before the end of my lease term?
Yes, you can purchase your property at any anytime during your lease term without penalty.
May I renovate or improve the property?
Yes. You have an ownership stake in the property, and you are free to make improvements as it can significantly increase the value of the property. Please note that you may still need to obtain approval from the owner/landlord in advance for any changes. We ask that you respect the property by completing any job in a professional manner.
Who is responsible for regular maintenance and repairs of the property?
Since you will become the beneficiary owner, you are responsible for minor repairs, maintenance and improvements made on the property during your lease.
Do I have to live in the property or can I rent it out?
You are free to sub-lease to other tenants providing that the owner/landlord is notified and given the full contact information of the occupants. You will still be responsible for all terms and conditions as outlined in the lease agreement, including responsibility for any repairs and maintenance on the property.
What happens if I fail to make my monthly payments?
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 in breach of your contract and the owner/landlord may issue an eviction notice. If this happens, then you will invalidate your Option to purchase and the owner/landlord reserves the right to commence legal proceedings to recover and secure his/her interest in the property.