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Rent to Own a Home in St. Albert, Alberta

3/11/24
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4
 min read
Rent to Own a Home in St. Albert, Alberta
Summary
If you're a considering to move and buy a home in St. Albert, Alberta, but the homebuying process can be challenging due to lack of Canadian credit and down payment. That's where Requity Homes comes in - their rent to own program can help you achieve your dream of homeownership.
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Rent-to-Own a Home in St. Albert, Alberta

St. Albert, Alberta, is a hidden treasure that is just waiting to be found. It is tucked away along the lovely Sturgeon River. With a population of over 68,000 people, this city offers a distinctive mix of opportunities and a close-knit community while retaining the peace and facilities of a larger city.

According to recent data from careerbeacon.ca, the cost of living in this picturesque city is almost 25% less than the national average of $4,087. This is particularly notable when it comes to housing costs, a significant factor in the overall cost of living.

Real Estate Trends in St. Albert, Alberta

Understanding the current real estate market is essential to making an informed choice about rent-to-own properties in St. Albert. Let's examine the neighbourhood housing market.

The housing market in St. Albert provides a wide variety of choices. You can find anything you're looking for here, whether it's a cosy townhouse, a large family home, or something in between. The city's real estate market accommodates a range of tastes and price ranges.

As of January 2023, St. Albert's housing supply is still rather limited, a tendency that is shared across the nation. The St. Albert Real Estate Association reports that year-to-date home sales in 2022 have decreased somewhat, by 22.17%, from the same period in the previous year. However, the robust demand for housing in St. Albert persists, resulting in properties being snapped up quickly, often with multiple offers on the table.

The limited housing inventory naturally translates into an uptick in home prices. Data from the Zolo.ca reveals that the average price of a detached home in St. Albert in 2022 was $457,000, representing a year-over-year increase of 10.3%. This reflects the ongoing strength of the local housing market.

How Does Rent-to-Own Work in Canada?

Rent-to-own, also referred to as a "path to homeownership," is a special arrangement that allows individuals to rent a property with the option to purchase it in the future. This arrangement might be a good option for people who can afford a home but have challenges obtaining a conventional mortgage.

The unique rent-to-own concept of homeownership allows you to rent a home with the intention of purchasing it at the end of your contract. This plan attempts to bridge the gap for prospective homeowners who face obstacles like a lack of Canadian credit history, poor credit, a low income, or the issue of saving for a sizeable down payment. 

An illustration of how the finances for a rent-to-own scenario may look is as follows:

Approved Home Purchase Price: $350,000

Initial Down Payment: $350,000 x 2% = $7,000

Monthly Payment: $3,184 (Rent: $2,815 + Savings: $368)

Cumulative Savings: $7,000 + ($368 x 36 months) = $20,248

Buy Back Price After 3 Years: $405,169

How Does Requity Homes Work?

1. Apply to Qualify

Find out your eligibility and home budget with Requity Homes. It's free and will not impact your credit score.

2. Find Your Dream Home

You have the freedom to choose the home you'd like us to purchase for you. We'll handle the purchase process.

3. Move-In and Save Up

Rent your dream home and start saving more of your down payment every month. With Requity Homes, you're on the path to building your future.

4. Buy Your Home or Walk Away

When you're mortgage-ready, you have the option to buy back the home from Requity Homes. Alternatively, if your plans change, you can walk away and cash out your savings.

With rent-to-own, you can live in the house you want to buy before you really own it. This allows you to test out homeownership to see if it's the best option for you and provides you the chance to get to know the property and the neighbourhood before making a long-term commitment.

Overall, those who are considering moving and seeking for a way to fulfil their dream of homeownership should strongly explore the Requity Homes rent-to-own programme. The rent-to-own programme might be the best option for you because it allows you to develop equity and your credit score while you're renting, gives you the option to buy or not buy at the conclusion of the lease term, and gives you the chance to try out homeownership before committing long-term. 

So, if you're ready to take the next step towards homeownership, consider the Requity Homes rent-to-own program.  Get pre-approved and start your homeownership journey now >

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