How does it work?
With as little as 3-5% down, you can 'rent' for 1 year with the majority of your rent going directly towards your principle payment. A portion of the rent will cover maintenance, taxes & management fees.
What do I need to qualify?
You will still need to be pre-approved for a mortgage as if you were purchasing. An offer is written in a regular contract with a 1-year completion date.
This is perfect for a purchaser who is trying to save for their down payment. Instead of paying high rental rates and saving very little, live in your brand new home and let your rent pay down your purchase.
Does it work for investors?
Yes, you can sublet the lease to a tenant who will pay the rent towards your down payment.
Who will benefit the most?
New immigrants in Canada who are waiting for their Canadian Citizenship, Foreign Buyers (GST is paid upon completion) and tenants who are already renting but want to put their money towards buying real estate.
How long is the rent back?