The main difference between Key and co-ownership programs in Canada is the stability of pricing. With Key, you know exactly every fee and cost from the start, ensuring a stable path to full ownership, without the risk of increased prices.
Here's how Key's model compares to co-ownership programs in Canada.
To become a homeowner with Key, the initial minimum down payment starts at 2.5% of the home value.
With co-ownership, down payments typically start at 5%, lower than traditional ownership, but double what you’d need with Key.
With Key, the final purchase price of your home is predetermined when you enter the program, which is structured to ensure that you’re financially prepared to take full ownership at the end of your term.
With co-ownership, the final purchase price of your home depends on market value, so if home prices rise rapidly you may require significant additional capital to purchase your home or need to sell your home to purchase a less expensive property.
Key is designed with one main goal in mind: for you to take full ownership of your home at the end of the term.Every step of the path brings you closer to this goal.
While co-ownership programs can help aspiring owners get on the property ladder, there is more uncertainty as to whether or not you’ll be able to reach full ownership.
With a low down payment of only 2.5% and delayed mortgage qualification, Key lowers your barriers to enter the property ladder.
Save $96,130 on a 600k home purchase with Key vs Rent-to-Own. With Key, you build equity in your home right from the moment you move in.
