5 CORNERS

It's like buying a house because there is an initial payment involved, and then it's like renting because you have a set rent payment for a set term. You will move into your house as soon as you want and can do whatever you want, like if it's already yours (renovate, decorate, etc.). Part of your rent will be credited towards your future purchase. Your rent payments become your investment. Your homeownership increases with every payment! When you accumulated enough to pay downpayment acceptable for a bank + closing fees (legal fee, land transfer tax, CMHC premium, etc.) and your credit will be good enough to get a mortgage we will close the deal and you will become an owner of this property.

Absolutely! We want you to live in a home YOU like. Same as when you normally buy a home you get to see it and if you like it, we buy it for you. You can even send us a list of homes and we will see if one can be purchased for you.

We understand that not everyone's credit is outstanding. Our program gives you time to improve your credit rating and become mortgage ready while living in your home like a homeowner.

The initial payments vary depending on the home and your personal situation. Initial payment is mandatory but is typically less than any of the bank’s minimal requirements.

Your monthly payments will be very close to your future mortgage, property tax, insurance, and condo fees (if any) once you become a homeowner. Remember this is homeownership training and you train yourself to get used to these amounts. Unlike regular rent, your monthly payments will not increase for as long as you are in the program.

When you are making mortgage payments some amount of your payment goes to paying down the principal. When you are paying rent, it all goes to the Landlord. With HOT, a percentage of your monthly rent payment goes toward your future purchase. You may choose to pay more in monthly payments and 100% of your extra payment will be credited towards the purchase. This way you can set your own goals of when you want to become a property owner.

Prices vary depending on the size of the property, the location, and when you start your contract. We only offer you houses you can afford. Your final price is guaranteed with the contract so you will know exactly what your price will be, no matter what happens to the Real Estate market. If prices go up more than what was discussed in your contract, you will take advantage of this and will create extra equity. If prices do not go up as much, you can continue renting until better times.

Your contract guarantees that you have the first right to buy. This means that even if someone offers a better price before your contract expires, you can still buy the property at the price agreed with you in the beginning.

Yes, you can. That being said, your initial deposit is non-refundable. You would want to make sure this is the place you want to call home. We understand that circumstances change, jobs move, people change their marital status, etc. With the rising price of real estate, should you opt-out of your commitment we might be able to find someone to take it over.

There is only initial payment (that will go towards your purchase) and monthly payments. There are no other fees to pay.

With our rent to own program, you can have pets like any homeowner. However, you must comply with the local by-laws.

As you are living like a homeowner you can paint and decorate. Any improvements will simply add to the value of YOUR home at the end.

Certainly! You can add as much as you want and as often as you want. 100% will be credited towards your future purchase and can help you become a homeowner sooner.