To qualify for Requity's rent-to-own program, you generally need to meet the following minimum requirements:
- Credit score of 500 or higher (all applicants)
- No active bankruptcy or consumer proposal
- No unpaid collections or defaulted debt with an outstanding balance
- At least one applicant must be employed full-time or have a steady, verifiable income
- Minimum household income of $70,000 annually (varies by city — see below)
- Minimum initial deposit of 2% of the home price or $5,000, whichever is higher
You can add a co-applicant if they will be living in the home with you and are over 18.
Minimum income by city
| City / Area |
Min. Annual Household Income |
| Sault Ste. Marie & Thunder Bay (ON) |
$70,000 |
| Sudbury, Azilda, Chelmsford, Hanmer & Val Therese, North Bay, Sarnia, Windsor & Cornwall (ON) |
$80,000 |
| Other Ontario cities |
$100,000 |
| Saskatoon, Martensville, Warman & Regina (SK) |
$70,000 |
| Winnipeg, Steinbach & Brandon (MB) |
$50,000 |
| Edmonton, Red Deer, Lethbridge, Medicine Hat, Grande Prairie & surrounding Alberta communities (AB) |
$70,000 |
| Beaumont, Sherwood Park, Leduc, Spruce Grove, Stony Plain, St. Albert (AB) |
$90,000 |
| Calgary & Airdrie (AB) |
$120,000 |
Note: We don’t operate in the Greater Toronto Area at the moment, as freehold properties are well over $1 million, exceeding the maximum home prices we can purchase.
Not sure if you qualify? Pre-qualification is free, takes five minutes, and won't affect your credit score.
