Key's biggest difference from Rent-to-Own is that you build equity in your home right from the moment you move in. Here's how Key can save you thousands over Rent-to-own programs in Canada.
For a $600,000 home starting with a 2.5% down payment ($15,000) for a 5-year program, with a final fixed home purchase price of $765,800 (5% annual appreciation), purchased with a 10% down payment ($76,600)
By choosing Key to buy a $600,000 home with a 5-year program, you:
Now that you've taken a look at the financial comparisons above, here's an overview of Key's main differences from Rent to Own.
With Key, you start building home equity from day one. You also get additional equity from Key to help you save for your downpayment faster. For every $1000 of equity you put in, you get$450-$600 in additional equity from Key.
With rent-to-own models, you start building equity only after your lease period is over and you decide to purchase the home.
With Key, your monthly payments are a combination of mortgage-like costs alongside equity deposits designed to build your equity to take full ownership. Additionally, you get additional equity from Key with your equity deposits, helping you save faster for your final down payment.
With rent-to-own models, your monthly payments would be higher than with Key and you don’t get additional equity. It’s similar to depositing money into a savings account without interest.
With full transparency, you will always know exactly what you are paying for. Our low fees are below market rates and are clearly outlined before you sign your contract.
With rent-to-own you're on the hook for non-refundable upfront fees that typically range between 1-5% of the purchase price.
With a low down payment of only 2.5% and delayed mortgage qualification, Key lowers your barriers to enter the property ladder.
Key provides a stable pathway to full ownership with no unexpected costs. With Key, the final purchase price of your home is pre-determined.
