Your 5-Year Owner Resident Term

Now that you’ve moved in and started enjoying the benefits of homeownership, your 5-year term with Key starts. Here’s what you need to know.

The Owner Resident Agreement

The Owner Resident Agreement is a legal contract that will be in effect during your 5-year term.

This contract outlines and protects:

1. Your commitment to becoming a full owner of your home at the end of your 5-year term.
2. Key’s obligation to support your homeownership journey, respect your ownership position and redeem it upon sale.

This contract includes the following information:

• Your occupancy payments and equity deposits
• The predetermined price at which you will purchase your home in 5 years
• Terms and conditions during your 5 year term with Key

Equity Building Explained

During your term, Key helps you build up your equity stake for your full down payment by giving you additional equity. This makes it faster and easier for you to save for your final 10% down payment to take full ownership at the end of your term.

You get additional equity from your initial down payment and equity deposits.

For every $1,000 you contribute, Key gives $450–$600 back to you. For example, you could get over $30,000 in additional equity on a $700,000 home purchase. When you take full ownership of your home, the additional equity will be applied to your final down payment amount.

The amount of additional equity you get varies based on your initial down payment percentage

• 2.5% Initial Down Payment: Get 46% back in additional equity
• 3% Initial Down Payment: Get 49% back in additional equity
• 3.5% Initial Down Payment: Get 54% back in additional equity
• 4.0% Initial Down Payment: Get 57% back in additional equity
• 5% Initial Down Payment: Get 61% back in additional equity

This is how Key helps you build your equity faster for homeownership. To explore how this works for different home values and initial down payment percentages, try our calculator.

By the end of the term, you'll have enough equity and an income level (which you were screened for) to qualify for a CMHC-insured mortgage to fully purchase the home.

Terms and Conditions

Renovations:

You can customize your home, with things like paint and light fixtures, any time you want. You can also renovate to suit your lifestyle as long as the renovations are approved. Any structural alterations, additions, or other changes to the property require prior written consent from Key and must comply with all applicable laws.

Repairs and Maintenance:

As Owner-Resident of your new home, you will be responsible for repairs and maintenance.

Tax and Insurance:

Key is responsible for paying the property tax and the property insurance.

Missed Monthly Payments:

If you miss a payment due to income interruption, your initial deposit can cover it, and there’s flexibility to get you back on track.

Note: To review further details of contract terms and conditions, you can request a copy of our sample OR Agreement.