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Rent to Own a Home in Grande Prairie, Alberta

6/5/24
|
3
 min read
 Rent to Own a Home in Grande Prairie, Alberta
Summary
Grande Prairie is a popular destination for people moving to Canada. Access to beautiful national parks, welcoming communities, a low cost of living, and a friendly housing market make rent to own in Grande Prairie a perfect option for families.
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Rent to Own Homes in Grande Prairie, Alberta

Grande Prairie, nestled deep in the province of Alberta, is a vibrant city known for its dynamic energy and welcoming atmosphere. Grande Prairie offers a blend of urban amenities and natural beauty. With access to beautiful parks and landscapes, and diverse recreational opportunities, Grande Prairie is emerging as a popular destination for those considering rent to own in Alberta, and looking to make Canada their home. Whether exploring the vast wilderness surrounding the city or enjoying the array of cultural and entertainment offerings in the city, Grande Prairie welcomes all residents.

View the latest rent-to-own properties in Grande Prairie.

Find rent to own homes in Alberta, Ontario, Manitoba and Saskatchewan. Browse homes.

Real Estate Trends in Grande Prairie, Alberta

Unlike other major Alberta cities, Grande Prairie has seen significantly lower housing prices while enjoying strong growth in demand for homes yearly. 

In April 2024, the average price of a home in Grande Prairie was $334,390. Detached homes averaged $379,262 while townhouse prices averaged $206,700.

Compare the housing market in Grande Prairie to that of Calgary and Edmonton. In April 2024, the average home prices in Calgary was $608,415. The average Edmonton home price in the same month was $431,387.

 

Transportation

Grande Prairie’s transportation network offers many different benefits for international and domestic travel. 

The Grande Prairie Airport stands as a key gateway to the region, standing among Alberta’s busiest airports. Alongside air travel, Grande Prairie benefits from an large network of railways, with the Canadian National Railway utilizing the city's strategic location for its freight operations. VIA Rail also offers convenient passenger services, linking Grande Prairie and Edmonton to major cities spanning Alberta, British Columbia, Saskatchewan, Manitoba, and Ontario. 

Grande Prairie's also offers a modern public transit system, ensuring efficient and accessible transportation throughout the entire city.

Economy

Known as one of Canada's most industrial cities, Grande Prairie stands as a strong competitor among the large economies of Western Canada, particularly in sectors like agriculture, forestry, and energy. 

Agriculture is important to Alberta's landscape, and the prairie regions are often referred to as “Canada’s breadbasket”. Grande Prairie's strategic location near abundant natural resources has has continued to contribute significantly to Alberta's economic growth and success.

Education

Alberta is famous for having one of the best education systems globally, and Grande Prairie benefits from this reputation. The city is primarily served by two publicly funded school boards: the Grande Prairie Public School District and the Grande Prairie Catholic School District. These boards cover the education of students from kindergarten to grade 12, ensuring a comprehensive and inclusive learning environment for all residents of Grande Prairie.

Grande Prairie is also near a top-5 school in Canada, the University of Alberta (U of A). U of A boasts the second-largest research library system in the country and over 40,000 students attend U of A from over 150 different countries. 

Additionally, Grande Prairie is home to the Grande Prairie Regional College, a respected institution offering a diverse range of programs and opportunities for post-secondary education.

How to Buy a Home in Grande Prairie?

When you are looking to purchase a home in Grande Prairie, there are two main options available for you: traditional mortgages and rent-to-own programs. Understanding the differences between mortgage vs rent to own options can help you make the best possible decision.

Through a traditional mortgage, you secure a loan from a bank or financial institution to purchase the home. However, this route requires a significant down payment, usually 20% of the home's value, and a strong credit score to qualify for favourable interest rates.

An alternative to the traditional mortgage is the rent-to-own option, which has been becoming popular in recent years. With rent-to-own, aka lease-to-own, you can move into your dream home with no down payment, while simultaneously building equity and saving for your future purchase. This alternative approach is attractive for individuals who may not have the immediate financial means or the credit score required to secure a mortgage.

What is Rent to Own in Grande Prairie?

Rent to own is an innovative program that helps you achieve homeownership, even if you're not ready for a traditional mortgage. The Requity Homes option of rent to own houses allows you to select your dream home, rent it for 2-3 years, and then purchase it at a predetermined price.

How Does Rent to Own Work in Grande Prairie?

  1. Estimate your budget: Use our rent-to-own affordability calculator to estimate how much you can afford through our rent to own program. 
  2. Get pre-qualified: Apply online for rent-to-own homes to find out your eligibility and home shopping budget. It's free and won't impact your credit score.
  3. Get full approval: Submit documents to verify your application and get approved with a personalized home shopping budget.
  4. Find your dream home: Choose the home you'd like us to purchase for you. View rent-to-own listings in Grande Prairie.
  5. Requity Homes buys the home: We purchase the property and cover closing costs, including land transfer tax and legal fees.
  6. Move in and save: Rent your dream home while a portion of your monthly payments goes towards your future down payment.
  7. Buy your home: When you're mortgage-ready (typically after 2-3 years), purchase the home from us at the predetermined price.

To learn more, read our article on is rent-to-own a good idea in Canada.

The Benefits of Rent to Own a Home in Grande Prairie

With housing prices increasing year after year, it makes it very difficult to save for a down payment while renting. What if you could find a home you love at a price you can afford and lock in the value until you are ready to take on a mortgage?

Let’s say that you have found the perfect home in Grande Prairie for $335,000. 

You have two options:

Rent for Two Years Then Purchase the Home

Using a base formula of 10% appreciation annually, your $335,000 Grande Prairie home would be valued at $405,000 after two years.  

Pre-quality for a rent to own home in Alberta, Ontario, Manitoba and Saskatchewan. View estimate.

Rent to Own with Requity Homes

Requity Homes offers a low 5% price increase per year, much lower than the average growth rate. Therefore, when you rent to own a home in Grande Prairie with Requity Homes, you can guarantee and lock in the price of your new home, knowing exactly what it will be valued at in two years. 

For example, with Requity Homes a growth rate of 5% means that you can buy your new home in two years for $370,000 instead of $405,000, a savings of $35,000. 

The Requity Homes rent to own home program is designed to help get you and your family into your dream home in Grande Prairie while saving you lots of money in the process. 

Achieve homeownership sooner than you could have ever imagined when you rent to own in Grande Prairie with Requity Homes. 

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Your home ownership begins here.

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