Rent to Own a Home in Stony Plain, Alberta

Stony Plain, a cozy town located just outside Edmonton, offers a great combination of comfortable living and convenient access to urban amenities. With a population of just under 20,000, Stony Plain provides a welcoming environment. 

The town's appealing community features, including excellent schools, parks, and local shops, make it a perfect option for both families and young professionals. For those considering rent-to-own, Stony Plain stands out with its affordable housing market and promising growth, making it an ideal choice.

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Real Estate Trends in Stony Plain, Alberta

Stony Plain's low home prices compared to other cities in Alberta, combined with its increasing population and growing housing market, make it a perfect location for homeowners to settle down. 

In June 2024, the average home price in Stony Plain was around $305,000. Detached homes averaged $390,274 while townhouse prices averaged $191,178.

For example, let’s compare the housing market in Stony Plain to the housing markets in Calgary and Edmonton. In June 2024, the average home price in Calgary was $608,415. The average Edmonton home price in June was $431,387. This makes Stony Plain an affordable option for families seeking housing, while they can still enjoy access to major urban cities, amenities, and employment opportunities.

Transportation

Stony Plain offers excellent transportation connectivity that enhances its appeal as a potential choice for homeowners. Located west of Edmonton, the town provides a quick commute to the city, making it a convenient location for those who work in Edmonton or frequently visit Edmonton. 

Local public transit options include regional bus services that connect Stony Plain with Edmonton and the areas surrounding Stony Plain, providing different commuting options. There are also major highways including Highway 16 and Highway 779 that allow for smooth travel to and from Stony Plain, ensuring easy accessibility for both residents and visitors.

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Economy

Stony Plain’s economy is supported by a diverse set of different industries, including retail, healthcare, education, and manufacturing. 

The town benefits from a strong local job market with a wide range of opportunities, contributing to its growth and to Edmonton's larger economy. Major employers include local businesses, healthcare facilities, and educational institutions. 

Economic growth in Stony Plain is promising, with future development plans in infrastructure and residential residential expansion. The town's location also makes it an attractive place for both job seekers and entrepreneurs looking for growth opportunities.

Education

Stony Plain caters to families with school-aged children, as the town is served by several well-regarded public and catholic schools. Some of these schools include Westview School and Memorial Composite High School, which offer a wide range of academic and extracurricular programs.

Stony Plain benefits from its close proximity to Edmonton, where students have access to many strong post-secondary institutions. Notable schools include the University of Alberta and MacEwan University, which both offer a large range of undergraduate and graduate programs. 

How to Buy a Home in Stony Plain?

When buying a home in Stony Plain, there are two main options available: mortgages and rent-to-own programs.

The most common path to buying a home is through a traditional mortgage, where a homeowner receives a loan from a bank to purchase the house. However, a mortgage usually requires a large down payment, usually 20% or more of the home's value, and a strong credit score to qualify for affordable interest rates.

An alternative is rent-to-own. Through rent-to-own, also known as lease-to-own, a potential homeowner can move into and start living in their dream home with a much smaller down payment, while saving up for the future purchase of that home at the same time. Rent-to-own is beneficial for people who may not have the financial means or a strong credit score required to secure a mortgage.

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What is Rent to Own in Stony Plain?

Rent-to-own is a program designed to help you buy a home when traditional mortgages are not an option for you. With Requity Homes' rent-to-own program, you can begin renting your dream home for 2-3 years, with the option to purchase it at a predetermined price. A portion of your monthly rent is contributed towards the final purchase price, allowing you to save while enjoying your new home.

Rent-to-own in Stony Plain offers an excellent chance for families to immerse themselves in the community they’re interested in, before making a long-term commitment.

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How Does Rent to Own Work in Stony Plain?

1. Estimate your budget: Calculate what you can afford through rent to own using Requity Homes’ Rent-to-Own Calculator. 
2. Get pre-qualified: Apply online to see if you’re eligible for rent-to-own and what you can afford. It's free and won't affect your credit score.
3. Get approved: Submit documents to get your rent to own application approved and get assigned a personalized budget.
4. Find your dream home: Choose the home you'd like Requity Homes to purchase for you. View rent-to-own homes in Canada.
5. Requity Homes purchases the house: Requity Homes purchases the home for you and covers closing costs, including land transfer tax and legal fees.
6. Move in and start saving: Rent your dream home from Requity Homes, while a portion of your monthly rent payments are saved towards your future down payment.
7. Buy your home: When you're ready for a mortgage (usually after 2-3 years), purchase the home from Requity Homes at the predetermined price.

Learn more about how rent to own works in Canada.

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The Benefits of Rent to Own a Home in Stony Plain

With a population of around 19,000, the town has experienced steady growth all-around. The community is welcoming and peaceful, perfect for families of all sizes looking for a place to settle down.

With housing prices increasing, it is very difficult to save money for a down payment for a home while renting at the same time. Wouldn’t it be nice to find an affordable house you love 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 Stony Plain for $305,000.  

You have two options:

Rent for Two Years Then Purchase the Home

Using a base formula of 10% appreciation annually, your $305,000 Stony Plain home would be valued at roughly $369,000 after two years.  

Rent to Own with Requity Homes

Requity Homes offers a low price increase per year, at only 5%, much lower than the average growth rate. This means that when you choose to rent to own in Stony Plain, you can lock in the price of your new home and know exactly how much it will be worth 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 $336,000 instead of $369,000, a savings of $33,000. 

Rent to own with Requity Homes is made to help get you and your family into your dream home in Stony Plain as soon as possible, while saving you a lot of money in the process. 

Find your dream home and become a new homeowner sooner than you could have ever imagined when you rent to own in Stony Plain with Requity Homes.