“It gives somebody an opportunity who might not have the amount to secure a mortgage today,” says real estate agent Sylvia Pezzente.
Rent-to-own has historically been rather uncommon in Greater Vancouver, but with rising home prices, Innova wants to make it easier for buyers to enter the market. The process is actually rather simple.
You put down a small amount to secure your unit, plus GST. After you move in, you pay toward your full deposit and down payment every month. At the end of your term, you can choose to take possession of the unit, in which case the money you’ve paid becomes your deposit and down payment.
“If you have a little bit of savings, let [us] help you out. Move into your new space; let us take care of that year and you can save 100% of whatever you’re putting down that year,” explains Sylvia.
Or you can walk away, and the money you’ve paid monthly becomes, in essence, rent you’ve paid as if it were any other rental unit. By doing so, you do not need to save for a large down payment before purchasing and you can still change your mind later. So, if you can already pay rent monthly, you can work your way toward home ownership at Innova at the same time.
Stephen Tadgh explores Cascadia Green Development's Innova strata complex in North Vancouver and learns more about the rent-to-own program.
Tempting design features and amenities.
And Innova certainly makes it tempting to rent-to-own. This concrete mid-rise – itself a rare find in North Vancouver – features Quartz countertops, Fisher & Paykel appliances and breathtaking views of the water and mountains. Homeowners here can also take advantage of the exclusive, residents-only rooftop lounge and party space for gatherings, relaxing and entertaining. One-, two- and three-bedroom units are available.
Homeowners at Innova will have access to a retail and amenities space lining the street between the development’s buildings, called BLOK, with plans for restaurants – including Lee’s Donuts and Delany’s Coffee – two childcare centres, boutiques and more. You’ll be near the Queensbury district too, and a short distance from Downtown Vancouver via SeaBus.
“Innova is unlike anything else on the market today. We started [it] with the goal of providing more accessible homeownership and a mix of home types to meet the needs of buyers today,” says Farzad Mazarei, CEO of Cascadia Green Development.
If you want to take advantage of Innova’s rent-to-own offer, you can register now for more information. Prices start at just $789,900.
