Frequently Asked Questions

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 fee, then you may be qualified. We base our decisions similar to a tenant-landlord 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.

I recently immigrated to Canada. Can I still qualify?
Yes. Unlike conventional lenders, we believe that not having established credit should not be a reason to be denied from buying a home. As long as you are able to provide the required Option fee and verify a source of income to support your lease payments, then you are in a good position. We can also align you with financial planners that can assist you in establishing a strong credit with the Canadian credit bureaus.

Can I still qualify if I have very poor credit?
Part of our mission is to provide opportunities for families and individuals to purchase a home despite them having poor credit or no credit. We will only deny applications if we feel that we cannot provide a solution that will help position them to purchase a home at the end of the lease term.

What happens 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.

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.

Do my lease payments include cable and utilities?
No. It is your option to set up services such as cable tv, telephone and internet. You are also responsible to set up and maintain payments for utility accounts such as hydro and gas.

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.

May a 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.

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 we are 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 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 fee and all accumulated credits on the property. We will also be entitled to recover any and all legal costs that we may incur. For this reason, you should be fully committed to purchasing the property before entering into the lease-to-own agreement.