Rent-to-own (also known as lease-to-own) offers an alternative path to homeownership for Canadians who aren't quite ready to qualify for a traditional mortgage. Instead of waiting until you've saved a full down payment or improved your credit score, you can move into a home while working toward buying it.

But what does the rent-to-own process actually look like?

Our infographic breaks down the process into four simple steps, from getting pre-qualified and finding a home to building your savings and eventually becoming a homeowner.

Infographic: How rent-to-own works in 4 simple steps

Download, save or print this rent-to-own infographic

Want to keep this guide handy? You can download, save or print our rent-to-own infographic for future reference or share it with someone considering homeownership.

To save the infographic, simply right-click the image and select "Save Image As" (or press and hold the image on a mobile device). You can then save it to your device or print a copy whenever you need it.

The 4 steps of the rent-to-own process explained

The infographic provides a quick visual overview of how rent-to-own works. Here's a closer look at what happens during each step of the process with Requity Homes.

Step 1: Apply to pre-qualify

The first step is determining whether rent-to-own is a suitable option for you and how much home you can afford.

With Requity Homes, you can complete a free online pre-qualification in approximately five minutes without affecting your credit score.

You'll provide basic information about your income, savings, and financial situation. If you're eligible, you'll receive an estimated home-buying budget and can proceed with the full approval process.

This helps you understand your purchasing budget before starting your home search.

Step 2: Find your dream home

Once you're approved, it's time to find a home that fits your budget and needs.

Unlike some rent-to-own programs that limit you to specific properties, Requity allows you to choose from eligible homes listed for sale in the communities it serves.

After you've selected an eligible property, Requity purchases it on your behalf. You then enter a rental agreement with the option to buy the home at a predetermined price.

You can start by browsing rent-to-own homes in Canada.

Step 3: Move in and build your savings

Once the purchase is complete, you move into your new home and begin making monthly payments.

Your monthly payment consists of two components:

• Rent: Covers the property's carrying costs.
• Monthly savings: Builds funds toward your future down payment.

As you build your savings, you can also work toward improving your credit history. With your consent, Requity reports monthly rent payments to Equifax for free, allowing on-time payments to contribute to your credit profile.

This gives you time to prepare financially for homeownership while living in the property you plan to purchase.

Learn more about how rent-to-own can help build your credit, or estimate your monthly costs using our rent-to-own payment calculator.

Step 4: Buy your home or walk away

When you're ready to become a homeowner, you can purchase the property using a mortgage or other qualifying funds.

Requity Homes offers a standard three-year term, but you can buy your home earlier if you're financially ready.

The future purchase price is established upfront using the original purchase price plus a predetermined 5% annual increase. Your initial deposit and accumulated monthly savings can be applied toward your down payment.

If your circumstances change and you decide not to buy, you can exit the program and receive your remaining savings, subject to the agreement's terms and a transaction fee equal to 5% of the original home purchase price.

Learn more about how to buy back your rent-to-own home.

A simpler way to understand the path to homeownership

As the infographic shows, rent-to-own provides a structured, four-step process for moving from renting toward owning a home.

Rather than securing a mortgage immediately, eligible buyers can find a suitable property, establish monthly savings habits, and work toward meeting future financing requirements.

While rent-to-own isn't the right fit for everyone, it can be a practical option for those with stable income who need additional time to save for a down payment or strengthen their credit history.

For a more detailed explanation of eligibility, monthly costs, and purchase terms, visit our complete guide to how Requity Homes works.

Ready to take the first step toward homeownership?

Get pre-qualified for rent-to-own for free and find out how much home you may be able to afford.