You must fulfill all of the following criteria:

• Be a Canadian citizen
• Have minimum savings of $10,000 or 5% of the home purchase price, whichever is greater
• Have a combined minimum household gross annual income of $100,000 (exceptions will be considered on a case-by-case basis)
• Meet our internal assessment criteria (phone consultations and in-person meetings will be set up with our financial specialist for assessment)

This will vary depending on the individual's specific financial circumstance. We will discuss with you to determine your maximum home purchase price.

An option consideration is the amount of money that you put towards the lease option program once enrolled for the right to exercise the option to purchase the home at the end of your lease tenancy. This is usually 10% of your future home purchase price. We would typically require a minimum amount of $10,000 at the start of the program (the "initial option consideration") and the remainder of the option consideration would be paid to us in monthly installments over the length of the program (the "monthly option consideration").

For instance, let's say your option consideration was $40,000 and the lease option program you enrolled in would be over 3 years. The initial option consideration due at the start of the program would be $10,000 and the remaining $30,000 would be paid in monthly installments of $840 over 36 months.

Your total option consideration can be converted towards your down payment if you choose to purchase the home and qualify for a mortgage. A larger option consideration can mean a larger down payment, which would lower your future mortgage payments on the property once purchased.

The lease option program usually ranges from 2 to 4 years. The exact term will be customized to meet individual financial circumstances.

We will help you save 10% to 15% of the purchase price of your future home, which will help ensure your ability to meet your future mortgage down payment requirement, related legal fees and closing costs.

Once we have accepted your application to the Lease Option Program, you will need to pay a one-time commitment fee of $1,000, which will be applied to your future down payment.

*If we find that we cannot pre-qualify you or cannot accept you into the program for any reason, the commitment fee may be refundable at our sole discretion.  However, if you withdraw your application or leave the program, the commitment fee is non-refundable.

As a renter, you do not have the option of owning the home at the end of your tenancy. As part of the Lease Option Program, you are actively working towards owning the property that you are living in. Your option consideration amount can also be converted towards your down payment if you decide to purchase the home.

Property tax and home insurance will be covered by us during the program. However, you are responsible for obtaining and maintaining rental insurance.