Category: blog

Rental Market Challenges

Posted on by epadmin

In recent months, rental market challenges have increased for many.    

The demographic of renters is large including those that are new to Canada, young professionals, students, and others who are unable to become homeowners through traditional financing.

While some choose to stay in the rental market, others have had plans of homeownership delayed with the recent interest rate increases. This has caused several rental-market challenges and led many to deal with unpleasant rental obstacles.

1. Rental Market Flooding

The increase in interest rates has slowed down the house-buying market, while significantly increasing the competition for rental properties.  This is contributed to a major strain on the amount of properties that are available for those in the rental market.

 

 

Outside of the common group of renters, international students returning to study abroad have reduced the supply of rental properties even further adding to the saturation of demand.

 

 

In addition, many Canadian university students spent the first two years of the pandemic living with their parents and are also contributing to the flooding of the rental market.

With so much demand, people are “panic lease signing” (Source: Global News) in order to secure a residence. Such a rushed and impulsive decision is proving to be detrimental to renters, as they are committing to properties that many not be in the most desirable condition.

 

 

Appliances may not be working properly, heating and AC may not be operable, and the overall cleanliness of a property could be unsatisfactory. This creates further rental property challenge in an already stressed-out market.

2. Rent hikes due to demand

Along with uncertain property conditions and the lack of available properties, another current rental market challenge is the increased cost of rent. Not only is this being caused by the current economic state, but landlords are further increasing their rental prices.

 

 

While many landlords made arrangements with their tenants to reduce prices at the beginning of the pandemic, not all are raising prices out of necessity.

 

 

Some in the rental demographic are being priced out of homes that they were previously able to afford.

 

 

Others are forced to accept a lower square footage, due to the rising cost of monthly rent. While an individual might be able to make this work, those with families and small children may find the reduction in living space particularly challenging.

 

 

Hikes in rent may also be creating multi-family households and further decreasing the amount of space families have within their homes.

 

 

Though some cultures encourage two or sometimes more families to share a living space, others are moving in with their relatives out of necessity.

 

 

Rent hikes are forcing many to re-evaluate their living circumstances.

3. Rental scam increase

With such a high demand in the marketplace, scammers are trying to capitalize on an already vulnerable population of renters creating further rental market challenges.

 

“The scams are a growing problem, especially during summertime as scammers post fake rental listings online to lure renters into making bookings and sending money, only to find out later a property doesn’t exist or is unavailable for rent.” (Source: Globe and Mail)

 

This type of scam can be targeted to workers that are no longer in remote positions and are being asked to return to the office. Other vulnerable demographics targeted by this type of scam can be foreign students, students that are pursuing cross-provincial studies, and individuals or families moving to a new city.

 

Though this may happen when you live in the same city as the listing, scammers might find it easier to target unassuming out-of-towners who are in a panic to secure a residence.

4. National rental market comparison

According to the Rental.ca August Rent Report,  

 

 

“The average rent for all Canadian properties listed on Rentals.ca in July 2022 was $1,934 per month, up 10.4% annually and 2.4% monthly.”
 

 

The report goes on to mention that the average rent is now only $20 less than the rental market peak back in September 2019. 

 

With such skyrocketing rent prices, Canadians face even further rental market challenges based on the cities they live in or are planning to move to. Vancouver and Toronto are amongst the most expensive, followed by other cities in their respective provinces of British Columbia and Ontario.

 

 

Edmonton, Calgary, Saskatoon, Winnipeg, and Montreal are all decidedly cheaper to live in. Sitting at a current average rate of $1,333 for a two-bedroom apartment, Edmonton is in the green zone when it comes to rental affordability across Canada.

 

 

However, the monthly rent continues to creep up higher and higher causing uncertainty for renters and making the dream of an attached or detached single family home much more distant.

Bridge to Homeownership (BTH)

EP Homes’ Bridge to Homeownership™ (BTH) program is a good alternative to renting and avoiding the current rental market challenges.

 

Our program can help clients that have good credit and even a zero down payment secure a home for their families.

 

EP Homes understands that every client’s financial situation is unique and we have structured our program to be flexible.

 

The program conducts a fair market appraisal on a new home from one of our preferred partner homebuilders to determine how much a monthly payment will be.

 

Monthly payments have 2 components: rent + savings. The savings component will accumulate to be your down payment at the end of the 3-year lease term.

 

Our mission at EP Homes is to help everyday people become their best financial selves as homeowners.

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Home Organization and Your Mental Health

Posted on by epadmin

Making home organization a priority can keep the clutter away and have a positive impact on your mental health.  

Many say a cluttered home can lead to a cluttered mind.  When your environment is messy, you can feel bogged down and overwhelmed which can lead to mental health issues like depression or anxiety.

When your mental health starts to spiral, organizing your home can feel even more challenging than it did in the first place.

Organizing your home can be the first step to improving your mental health. The key is to chip away at things—big or small—even when you don’t feel like it to create a space that helps you feel good.


“Having a simplified, uncluttered home is a form of self-care.”  
– Emma Scheib, Health and Wellness Coach

Small Steps

Home organization doesn’t have to mean re-organizing your entire house. You can start with one area at a time.


A good idea is to take an inventory of everything in your home and see which areas would bring you the biggest relief first.

 

For example, if your pantry has been neglected for a while, take everything out and place all the items on a countertop. Put items that are similar in nature—like sauces with sauces and canned veggies with canned veggies—together. And don’t forget to toss out expired items!

 

Creating categories when organizing your home can help prevent feeling overwhelmed and make the whole process much smoother.

“Human beings can only truly cherish a limited number of things at one time.”
– Marie Condo, Organizing Consultant
 

When clutter turns more serious

We  all have certain sentimental items that we have a hard time parting with. But, for some getting rid of any possessions is so difficult that they keep everything. This is called hoarding.

Considered a mental health condition, hoarding can be the cause of or create other mental health issues. In addition, it makes organizing your home nearly impossible creating a very difficult cycle to break.

While symptoms of hoarding can be obvious, it is still advised that a proper diagnosis be delivered by a qualified doctor and/or psychologist.  

Home organization resources

There are many books and tv shows that tackle the topic of home organization.

Both can help you add more feng shui into your space to create a better feeling of flow.

They can also help you determine which storage containers, bins or baskets work best for the area of your home that needs to be organized.

If you don’t have the time (or patience) to go through a book or watch a show, call a friend or family member who may excel at organization.

Having someone guide you through the process to make it less overwhelming is always a good idea.

Organization doesn’t have to be treated as a chore, it can be fun! Make it a girl’s night, or have your family or the kids help out with.

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Closing Costs

Posted on by epadmin

Buying a home in Canada includes two upfront financing payments before getting a mortgage: a down payment and closing costs.


Most people are aware they will need to save for a down payment, but unaware that there are other closing costs associated with purchasing a home.   


First, a deposit must be paid. The deposit is considered part of your overall down payment and is given to the seller’s representative once the offer to purchase their home has been accepted.


After your deposit, you are required to provide a down payment which can come from various sources. 


In addition to these payments, closing cost- which range between 1.5% – 4% of  your purchase price- must also be factored into your budget.

But, what do closing costs cover? The list below gives you a glimpse into the costs that are usually associated with purchasing as home.

Home Inspection

Often, home inspections are a condition in your offer to purchase a property and paid for by you, the buyer.

 

Though this closing cost is technically optional, it is very advisable to conduct a home inspection even if you are acquiring a new build home.

 

Once the offer has been accepted, you will schedule an inspection with a third-party company.

 

After the inspection, a report outlining any concerns you may want to address with the seller prior to possession will be issued to you.

Legal Fees

Lawyers go through the paperwork required when purchasing a home and are considered a mandatory closing cost. It is important to know your legal fees are negotiable.

It’s also good practice to ask your close friends and family to refer a good lawyer to you so that you aren’t paying more than you should be. Alternatively, you can shop around to find a lawyer who charges reasonable prices.  

Property Insurance

Most lenders will ask that you get property insurance to ensure your residence is covered in case of any unforeseen emergencies.

 

This closing cost is also considered mandatory and should be accounted for in your budget.

Property Taxes

One of the costs of owning a home are property taxes. In many cases, the previous owner has already paid the property taxes for the year.

 

The amount that has been paid from the time of your possession to the end of the year will have to be reimbursed to the seller—and as such, they are included in your closing costs.

Adjustment Costs

When you take possession of a home, chances are it won’t be at the end of a billing cycle.

The previous owner will have already paid for the utilities like gas, water and electricity. A reimbursement from your possession date to the day you have the utilities set up under your name will need to be issued to the seller. 

  

 

Depending on your situation, your lender may also ask that you pay for a property appraisal and/or title insurance.

 

And don’t forget your moving costs! The lender will not be looking for confirmation that you have these funds, but you should make sure they are included in you budget!


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Housing Affordability

Posted on by epadmin

he cost of goods and services is affected by the supply and demand of the market—housing affordability is no different.

In our current market housing affordability will continue to rise if enough additional houses aren’t built by 2030.

With home builders facing a shortage of building materials, like lumber, the target number of new builds could be difficult to meet.

This obstacle impacts Canadians who seek homeownership to put down roots and achieve sense of security.  

 

The lack of affordable housing will restrict future homebuyers from being able to building equity in their homes sooner, leaving them having to make mortgage payments later in life.

Proposed Solution

A shortage of affordable housing poses even further obstacles for many future home buyers. 

To combat this issue, the Canadian Mortgage and Housing Corporation (CMHC) was founded on the belief that everyone in Canada should have affordable housing.

 

CMHC’s 2018 report states that if the current rate of construction for new housing continues there will only be 19 million units by 2030, rather than the 22 million needed.

 

According to CMHC, “to restore affordability, an additional 3.5M affordable housing units are needed by 2030.”

 

The effort to meet this projection relies heavily on uncontrollable variables like building supply availability and available land for development.

Alternative Solution

The lack of affordable housing poses challenges for future home buyers.

While there are options like purchasing a home with extended family, it can get a bit crowded in house with a lot people and few bathrooms.

 

To avoid future feuds of who is taking too long to get ready, or which family member has too much closet space, current renters may want to consider the idea of homeownership earlier.

Choosing the Bridge to Homeownership™ (BTH) powered by EP Homes is a good alternative to secure a home for you and your family, even now.

 

Even with zero down payment the BTH program can help clients that have good credit.

EP Homes understands that every client is unique and have structured our program to be flexible.

 

The program conducts a fair market appraisal on a new home from one of our preferred homebuilder partners to determine how much your monthly payment will be.

Your monthly payment has 2 components: rent + savings. The savings component will accumulate to be your down payment at the end of the 3-year lease term.

 

Our mission at EP Homes is to help everyday people become their best financial selves as homeowners.

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Different Types of Down Payments

Posted on by epadmin

There are several different types of down payments you can use to qualify for a traditional mortgage in Canada.

While the minimum amount for a down payment is 5% (plus around 1.5% for closing costs), the source of the funds aren’t always the same for everyone.

To give you an idea of where you can accumulate your down payment from, we’ve made a list.

savings

Using the savings from a traditional savings account is one of the most common types of down payments.

The down payment must sit in your savings account for over three months and the deposits must be traceable.

Monthly or bi-weekly contributions are very common forms of making deposits to your savings account.

pink piggy bank that helps you save for a down payment

Some banks even have a “round up” program that will take every purchase you make using your debit card round up to the nearest dollar amount.

 

That extra portion will then be transferred to a savings account.

 

Other bank programs will deposit a set target amount into your savings account with every purchase you make i.e. $5 a purchase.

 

Whatever your method for saving is, every bit of it will help with a down payment.

Gifted Down Payment

When receiving a gifted down payment, lenders require that it comes from immediate family only.

 

The reason?

 

Lenders want to make sure that your gifted down payment really is a gift. Chances of it being a loan are less likely coming from an immediate family member.

 

The donor must then provide a gift letter outlining all of the details, including the mandatory expiry date of 90 days from the initial date of gifting.

RRSPs

A Registered Retirement savings Plan (RRSP) is recommended for retirement, but can also be a down payment source for first-time homebuyers.

 

In order to withdraw to $35,000 from your RRSP for a down payment, you must participate in the government of Canada’s Home Buyer’s Plan.

 

If you have a group or lock-in RRSP you may not be eligible for this plan. Find more details on the government of Canada website.   

Bridge to Homeownership™ Powered by EP Homes

This alternative homeownership program  can help you save for a down payment, all while living in your brand-new turnkey home.

 

 

The program conducts a fair market appraisal on a new home from one of our preferred homebuilder partners to determine how much your monthly payment will be.

 

 

Included in your monthly payment is a savings component that will accumulate to be your down payment at the end of the 3-year lease term.

 

 

Our mission is to help everyday people become their best financial self as homeowners.

 

We understand everyone’s situation is unique and have structured our program to be flexible. 

 

 

We are not a one-size-fits-all and happily make customizations for every client with good credit and no down payment. 

 

 

Our six-step program can help everyday people get into a new home and on the path to homeownership with their own down payment by the end of the program.

 

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Paying Housing Expenses First

Posted on by epadmin

Paying your housing expenses should be one of your top priorities, even when times are tough.

After groceries and food expenses, it can be tempting to spend your money elsewhere, but paying your housing expenses first is the key to healthy financial habits and a successful homeownership.

To help you organize your payments, we made a list of which housing expenses is best to pay first.

Shoes in a home where you pay housing expenses first

Mortgage Payment

This is, without a doubt, the first payment you should be making every month.

Things like buying a new car may feel like a good idea before making your mortgage payment, but they’re not.

 

When you start down a path of paying your mortgage late, you jeopardize your homeownership status and credit.

 

Paying your mortgage payments first and on time will build your credit history, and shows future lenders that you are a consistent and responsible homeowner.   

 

While rent payments don’t affect you credit, establishing healthy financial habits is important and help keep a roof over your head.

Utilities

Part of keeping a roof over your head and making sure your homeownership payments are paid first is paying utilities.

 

Gas, electricity, and water are the prime utilities that need to be paid in order to maintain a running household.  

 

With all the streaming options available these days, many have opted to get rid of their cable bill for a more cost effective option.

Home Insurance

Paying your home insurance is vital to protecting your home and belongings from any unexpected incidents.

 

Theft, loss and or damage in or outside your home might not be a common occurrence, but having up-to-date home insurance will help you cover the unexpected costs.

 

Home insurance will help with covering the cost of repairs as well as accommodations. For example, if a fire occurred in your home and you became displaced, home insurance would cover the cost of living in a hotel.

 

Monthly home insurance payments are vital to being prepared for emergency situations pertaining to your home.    

Maintenance Costs

Another very important housing cost you should always pay first is home maintenance.

Even if you don’t have an emergency savings fund, make sure that you spend your money on repairs before buying other items you may not need.

 

If home maintenance items aren’t addressed right away, they could end up costing you even more money in the long run.

 

For example, a damaged piece of siding could cause allow moisture to form in your home and cause mold. A small crack in the foundation could lead to water seeping into your home and causing damage to the basement and walls.

 

 

 

Avoiding your home maintenance could have a domino effect taking a bad issue and making it worse.

 

To prevent major damage and stay on top of your home maintenance, check out this blog or download our home maintenance checklist to help you.

Property Taxes

Your property taxes are another housing cost you should always pay first. Even though this payment comes once a year, it’s important to pay by the due date.

 

If you make a late payment, many municipalities and counties have a late payment penalty. The longer the payment is outstanding, the more interest you will end up paying.

 

A great way to prevent this from happening and to avoid a lump sum payment is getting your property taxes incorporated into your monthly mortgage payment. This will ensure your property taxes are paid on-time avoiding additional interest charges.

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Retain the Value of Your Home

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Getting your home is exciting, but understanding how to retain value in your home is essential!

Whether you move into a brand-new turnkey home, or an older fixer-upper, updating and maintaining it are key to successful homeownership.

When you first start the path of being a homeowner, you want to customize everything and make the home feel like it’s truly your own. But, over time that energy could fade and the momentum could drop.

We’ve put together a list of 5 tips to increase (and retain!) the value of your home.

Tip 1) Painting

This is one of the best ways to retain value in your home!

It can be a very minimal upgrade, or completely change the look and feel of your home. Choosing trendy colours can offer a complete refresh and help keep your home looking up-to-date.  

Homeowners can go to a local hardware store, or specialty paint store, and look at a paint swatches with hundreds of colours to choose from.

Many specialty paint stores have colours of the year that can offer a good selection of trending colours.

feature wall painted mint that helps retain the value of your home

Photo Credit: Rachel Claire @pexels.com

You don’t have to repaint the entire house, even just a few feature walls in a couple rooms can change the look and feel/refresh the space.

Doing this helps in retaining the value of your home for a lower cost than some other home repair/refresh options.

Tip 2) Curb Appeal

Curb appeal is an important factor when it comes to retaining the value of your home.

It’s the first impression when someone pulls up to where you live. Often though, the outside of the house can often be overlooked, leaving curb appeal can be underrated.

 

While getting professional landscaping can break the budget for some, making small changes that are budget-friendly can help you retain the value of your home as well.

 

Adding a couple of shrubs or some charming flowers, like peonies or dahlias, is an easy way to increase the value of your home for a small cost.

 

If you face north, getting hosta plants for the shadier spaces makes your yard look well kept.

You don’t have to be a green-thumb, perennials are a good investment as they come back each year. Annuals are a good option if you’d like to change up the flowers each year.

 

Going a step further and removing the grass to add mulch with a few shrubs and flowers is also a trendy, low-maintenance way to increase your curb appeal and value.

 

If gardening isn’t your thing, doing something as simple as painting your door with a pop of colour like red can be a great way to go.

 

In fact, in some cultures red is considered lucky and can also mean ‘welcome’ or represent a safe haven.

lighting fixtures that help you retain the value of your home

Photo Credit: Max Vakhtbovych @pexels.com

Tip 3) Lighting

Lighting can set the ambience of your space and is a simple way to retain the value of your home.

 

You can get lighting fixtures that are hung from the ceiling, a floor lamp, or a small table lamp.

 

Get creative and decide if you want to invest in a statement dining chandelier or entrance lighting fixture or perhaps spread out the budget and opt for ceiling lamps around the entire house.

 

These lighting changes will have a lasting effect and bring an updated look helping increase the value of your home.

 

Local hardware stores have selection of lights you can easily install yourself. You can even order lighting online and have it delivered right to your door.

 

You can choose traditional designs, rustic styles, or contemporary options like pendant lights which have been very popular over the last several years.

Tip 4) Regular Maintenance

Not everything to retain value in your home has to do with aesthetics. Proper home maintenance is also very important.

 

Inspecting your roof to ensure that no shingles need to be replaced is something many homebuyers look. Having this maintained is great for retaining the value of your home.

In addition, making sure the concrete in and around your home isn’t cracked can help determine if there are some foundation issues that need to be tackled.

 

This is also a good way to prevent any potential flooding which could cause a lot of damage, with repairs that could hit your pocket hard.

 

Maintaining your appliances is also very important. While kitchen appliances are usually the first ones to be tended to, make sure you look at the furnace and hot water tank as well. 

 

When you go to sell a home, potential buyers often will have a home inspection done. Regular maintenance ensures you’re not caught off guard with any issues that might come up on the inspection.

Tip 5) Annual Spring Clean/Stay Organized

A simple, yet very effective way to retain value in your home is by keeping it clean and organized.

 

Weekly cleaning and tidying are great, but doing an annual spring clean will not only ensure that your home is good shape but has health benefits as well. By staying on top of your weekly cleaning and tidying you can also improve the air quality in your home.

 

This can also create a clean, clutter free space which helps reduce stress, as well as increase focus and productivity.

 

Another simple, yet effective solution to retaining value in your home is keeping everything organized.

 

This way you are able to see all angles of your home and get into all the nooks and crannies to do any maintenance or repairs when needed.

 

Clean wall scuffs with magic erasers, fill-in wall dents or nail holes, replace weather-stripping on doors due to wear and tear.

Other Ways to Retain Value

In addition to our tips, you can always add value to your home by choosing to spend a little bit more and change items like cabinets, flooring or even redo your entire kitchen. While these are great options, they could be more costly than our list of tips above.

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Interest Rate Increase in Canada

Posted on by epadmin

As first-time homebuyers navigate the mortgage process, there is a lot to learn. Last week, the Bank of Canada increased their benchmark interest rate to 1.5%.


This hike in interest rate comes a couple of months after the initial 0.5% increase. The interest rate before the pandemic was 1.75% and was decreased to 0.25% after the pandemic to help the economy.


As per CBC News, “Nathan Janzen, an economist with RBC, thinks Canada’s central bank is on track for a series of larger-than-normal hikes in a row, until its rate gets to roughly three per cent. Canada’s benchmark interest rate hasn’t hit that level since the 2008 financial crisis.”
 

Source: CBC News; Chart: Pete Evans, Source: Statistics Canada

How it affects buyers

While increased interest rates lower consumer prices, and home prices—they increase mortgage rates.

 

This has led some new homebuyers to put homeownership on the backburner. But for some, homeownership is more urgent.

 

Many want to put down roots in a community and ensure that there is no risk of them having to move. They want their kids to have consistency, go to the same school throughout their educational years and be able to have the same classmates.

 

Others are looking for more privacy. They might have a newborn who is up all night and don’t want to be ‘that neighbour’.

 

Even home décor could be a motivating factor. When you rent, you may not have the opportunity to paint the walls, or change the flooring. With homeownership, you don’t have to get anyone else’s approval—you can just go for it!

 

In some cases, the underwriter requests additional documentation from the potential homeowner. Items like a bank statement showing a portion of a credit card was paid off are common requests.

 

Once the underwriter has everything, the review process takes approximately 72 hours before the potential homeowner receives an approval for the mortgage.

A path to homeownership

EP Homes offers a Bridge to Own™ program that offers homebuyers with good credit the opportunity to be homeowners with no down payment.

 

 

All payments consist of monthly rent + a savings component. At the end of the term, the savings you’ve accumulated will become your down payment. Other programs often ask that you have a portion of the down payment before you begin your homeownership journey.

 

 

Our program also offers complimentary credit coaching to all clients. Helping you establish healthy financial habits to get you mortgage ready is very important to us.

 

 

We want to help guide you through your path to homeownership and understand that every client is different. Our lease terms are flexible ranging from 1 to 3 years to accommodate different client journeys.

 

 

Our mission is to help as many everyday people become their best financial selves as homeowners with good credit and no down payment. Do you know someone who would be a great fit for EP Homes’ Bridge to Own™ program?

 

 

Well we have a referral program! For any colleague, friend, or family member that completes an application and is approved for the program and moves in, you will qualify for $1,000*.

 

 

*more details here: https://ephomes.ca/referrals/

source: https://www.cbc.ca/news/business/bank-of-canada-rate-hike-1.6467922

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What is Mortgage Underwriting

Posted on by epadmin

As first-time homebuyers navigate the mortgage process, there is a lot to learn.

All you want to do as a potential homeowner is ask the bank for a mortgage, get the stamp of approval, and receive the keys to your home.  

But what is underwriting? And where does it fit into the process of homeownership?

Underwriting Explained

Underwriting is the process of verifying the accuracy of the supporting documentation provided by potential homeowners.

 

To determine if a potential homeowner is able to take on the financial responsibility of homeownership, they have to go through the underwriting review process.

 

A mortgage broker, or bank representative, will gather background information from the potential homeowner including:

 

  • a letter of employment
  • verification of income (usually in the form of a Notice of Assessment)
  • your debt service calculations
  • document confirming your down payment
  • credit bureau reports-purchase contract for the home you are wanting to purchase

 

Photo Credit: Cytonn Photography @pexels.com

In some cases, the underwriter requests additional documentation from the potential homeowner. Items like a bank statement showing a portion of a credit card was paid off are common requests.

Once the underwriter has everything, the review process takes approximately 72 hours before the potential homeowner receives an approval for the mortgage.

Why do we need underwriting?

The underwriter works on behalf of the lender behind-the-scenes. The lender relies on the underwriter to thoroughly review a potential homeowner’s information and determines if they are deemed safe to lend hundreds of thousands of dollars to.

 

If a homebuyer’s credit history isn’t exactly what the underwriter is looking for, the underwriter may deny the mortgage with that particular lender.

 

While there are other private lenders that may take on the potential homeowner, this option will likely include a higher interest rate and may end up being more costly for the individual or family in the long run.

Alternative Solutions

Our Bridge to Own™ program can set a homebuyer onto the path of homeownership, even without an ideal credit history.

Photo Credit: Adobe Stock

As everyday people we want to help everyone be their best financial selves.

Our team wants to learn about a potential homeowner’s financial story including the challenges that they had to face that got them to this point in their financial journey.  

 

We understand that everyday people go through financial hardship brought on by life’s circumstances such as divorce, job loss or even a global pandemic and want to give everyone the opportunity to move forward and get back on their feet.

Homeownership

Our homeownership program can get a potential homeowner into a brand-new turnkey home. We cover additional expenses such as: closing costs, major appliances and landscaping that are not usually provided with rent-to-own programs.

With a focus on your entire financial journey, we also provide complimentary credit education and coaching to help you navigate the path of homeownership and your other financial obligations.

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Rent-to-Own vs. Bridge to Homeownership™

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Over the last few years rent-to-own programs have become a popular method of homeownership for individuals and families who would otherwise not be able to own their own home.

But, what is rent to own? And how is our Bridge to Homeownership™ program different?

Bridge to Homeownership™ 

With other rent-to-own programs offering the opportunity of homeownership, a down payment is required up front. These rent-to-own programs ask for a 3-5% down, which many people may not have saved enough for causing additional financial stress to some potential homeowners.

 

Our Bridge to Homeownership™ program really is 0% down!

 

Unlike many other rent-to-own programs, our Bridge to Homeownership™ program is exclusive to new builds. We offer you an opportunity to own a brand-new turnkey home! Once you’re approved, you can select your home from one of our partner home builders.

 

Eliminate the worry of any renovations or repairs needed to your property. Your new home has warranty and comes equipped with brand-new appliances.    

new homeowner using his new washer and dryer

Photo Credit: Rodnae Productions @pexels.com

Just imagine, the convenience of a new washer and dryer that is just for you and your family. If you are coming from an apartment, condo or shared living space where you had to make sure to get up extra early on a weekend just to beat the laundry room rush, you know how satisfying this is. 

 

These are just some of the benefits future homeowners dream about with other rent-to-own programs, but EP Homes Bridge to Homeownership™ makes these dreams a reality.

 

We are here to give your family a fresh start and even offer to pay for closing costs, which include legal fees; property insurance for the duration of the lease agreement; and a property appraisal.

 

All that plus we pay for the cost of GST!

This program gave me the chance to live in a new house in this great neighbourhood while  I save money for my down payment. I’m now a homeowner! I would highly recommend this program to everyone; I give it a 10/10… it works.

-Ryan W.  | EP Homes Graduate, Edmonton

How it works

Your payments consist of monthly rent + a savings component. At the end of your term, you’ll have your down payment from the savings you’ve accumulated—other rent-to-own programs often ask you to have a portion of the down payment ready beforehand.

 

Another advantage of using our program over other rent-to-own programs is that we offer complimentary credit coaching to all clients. We can guide you from a starter home to your forever home, by helping you establish positive financial habits and get your mortgage ready.

 

At the end of your term, you will have the down payment needed to qualify for a mortgage. We will introduce you to senior broker who will work with you to obtain a mortgage.  

Who is the Bridge to Homeownership™  program for?

We are not a one-size-fits-all program and will happily customize for every client with good credit, and no down payment, to see what you qualify for. EP Homes Bridge to Homeownership™ offers flexible lease terms ranging from 1 to 3-years to accommodate different client journeys. We want to get everyone on the path to homeownership and to help spread the word, so we have created a referral program.

 

By simply telling a friend, family or neighbour about the EP Homes Bridge to Homeownership™ program and asking them to complete an application, you will qualify for $1,000 once the referral is approved and they begin the Bridge to Homeownership™ program. 

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