Could New Rent-to-Own Startups Bridge Homeownership Gap?

. “We’re trying to bridge the down payment gap for those who don’t have intergenerational wealth so that they can break into the market and own the property where they live.”The startup launched earlier this year with the goal of helping more Canadians purchase and profit off real estate. They help cover the down payment of the home, co-investing between 5% and 15% in homes costing between $550,000 and $2.5M.

Pope says he got interested in the rent-to-own model after realizing there was a growing community of unrelated adults pooling their assets together and then purchasing homes and dividing the space. According to Loans Canada, the minimum credit score needed to get approved for a mortgage in 2022 is 640. Requity allows those with credit score 500 and above to qualify, done so with certain conditions. A minimum of 2% to 10% of the deposit is needed up front.

The plan is to expand across the country and serve 10,000 families over the next five years. Both Ourboro and Requity also partner with local realtors who recommend buyers underserved because of their financial situation.is a mortgage specialist with 17 years of experience and specializes in private mortgages, which, he says, has led him more into the rent-to-own space.

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Regent Park was one of Canada’s largest social housing neighbourhoods. Now, a studio there costs more than $2,000 to rentRegent Park was one of Canada’s largest social housing neighbourhoods. Now, a studio there costs more than $2,000 to rent. Did people not realize the purpose for redeveloping Regent Park was always to enrich developers and politicians who approved this? Does anyone remember the bulldozers waiting outside the homes of people who refused to be uprooted day give up there unit and go to Scarborough? Yeah no thank you My mortgage is less than this They should have increased density but the NIMBYs in the hood don’t like tall buildings and shadows. Textbook NIMBY case. BTW, Regent Park is a social housing success story. They integrated low income with market housing amd it works. Except for the NIMBY part.
Source: TorontoStar - 🏆 60. / 55 Read more »