Westbank launches program allowing rent payments to go towards purchasing a home

Jul 8 2020, 12:11 pm

A Canadian residential and mixed-use real estate development company has launched a program for members to earn dollars towards the purchase of a future home.

Westbank’s “The Magenta Program” was recently launched, and is now accepting applications with leases signed at the 1770 Pendrell and Vancouver House.

The company has said that the new program allows residents of Westbank Living to build equity towards the purchase of a Westbank home, through monthly rent payments.

Residents will be automatically enrolled into the program upon signing a Magenta Program agreement.

According to Westbank, every month, tenants and members will be credited with Magenta Dollars in an amount equal to 75% of their monthly rent paid. And each Magenta Dollar is equivalent to one dollar against the net purchase price of a condo unit.

Magenta Dollars may be redeemed towards the purchase of a condo unit, up to 10% of the unit’s net purchase price.

Westbank adds that the dollars are also redeemable for up to five years after lease termination.

They are also offering a referral bonus to existing residents, during the launch of the program.

More information can be found on their website.

Irelyne LaveryIrelyne Lavery

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