New rent-to-own program will turn Vancouver's tenants into homeowners

Dec 19 2017, 12:01 pm

Forking over all that money to your landlord once a month can make the dream of home ownership seem more elusive payment by payment. A new rent-to-own program that’s launching in Vancouver aims to help tenants get a toe in their own door, and help them stash away the cash needed to purchase a home.

Bosa Equity will credit a portion of each month’s rent for program participants living at their properties to go towards a fun they can ultimately use to buy one of the company’s new homes. They explain on their site:

Rent an apartment at a Bosa or BlueSky Properties rental building, and each month up to 15% of your rent is placed in a BosaEQUITY™ Credit Account. This credit can be put towards a downpayment in a future Bosa or BlueSky Properties new home purchase, to a maximum of 3% of the value of the home.

When the renter’s tenancy is up, they will receive a statement with how much Bosa Equity they have amassed, and the tenant will have 24 months to purchase a new Bosa property.

Bosa says they want to do this for renters because they know “it’s hard to save up and still enjoy life,” so they’re giving Vancouverites this helping hand. Bosa Properties senior vice president Daryl Simpson told CTV: “At the end of the day they get the peace of mind knowing that you know, their rental is building some equity, which is really unprecedented, and there’s no catch.”

Well, except it’s still pretty damn expensive to buy or rent in Vancouver.

Currently condos in Bosa’s False Creek highrise Lido begin at $513,900, while at New Westminster’s Viceroy the homes start at $531,900. Renters will be able to get apartments at Bosa False Creek starting at $1295 a month for studios, $1595 a month for one bedrooms, and $2045 a month for two bedrooms. Those units will be ready for move-in November 1.

Featured image: Real estate sign/Shutterstock