Anthem Properties – Rent to Own Program

Anthem Properties – Rent to Own Program

Are you a first-time home buyer having a hard time getting into the market in North Vancouver? There may be a way that Anthem Properties can help!

@zainabmughalarts

Anthem Properties has proposed a Rent to Own (RTO) program to the District of  North Vancouver where it will help local, first-time home buyers get into the market. The proposed location for the RTO program is at the Seymour Estates property on Mt. Seymour Parkway. Typically, a deposit or down payment can act as a barrier to those who may otherwise qualify for their first home; however, this program would allow the “missing middle” segment access into the housing market.

Want to be kept up to date on this project ? Fill out our contact us form with the subject “rent to own”  Click Here 

HOW DOES IT WORK?

@nmofradphotography

The program would allow qualified buyers to take immediate possession of their home and apply for 24 months of market rent towards their down payment. The monthly rent would go directly into a Trust account, where it will accrue towards the down payment. Current market rents in the area range from $1650 for 1-bedroom homes to $2,800 for 3-bedroom homes.

The accrued rent would apply to the deposit for either a conventional or high ratio insured mortgage; however, it would not be applied to the strata fees or property taxes. During the 24 months, the purchasers would also be responsible for paying the strata fees and property taxes associated with their homes.

Carmel Frandsen or Marco Pontillo PREC

WHO CAN APPLY AND HOW MANY WILL BE SELECTED?

@nmofradphotography

Anthem will receive applications for the RTO homes (ranging in size) and only 25 first-time home buyers will be selected from the qualified applicants via a lottery. You must also be a Canadian citizen or permanent resident and must also live or work in North Vancouver (city or district). In addition, you must pre-qualify for a mortgage at the average value of the home you intend to purchase and must declare insufficient funds available for the deposit – either from your own assets or through family/third party.

Upon selection, purchasers will be required to enter into a Purchase and Sale agreement and once the construction of the home is complete, they must personally occupy the homes for the two-year RTO period (must not be used as an investment property).

photo: Anthem properties

Want to be kept up to date on this project ? Fill out our contact us form with the subject “rent to own”  Click Here 

FOUR YEAR PURCHASE PRICE CERTAINTY

At the end of the two-year rental term, the purchases will complete the sale at the price that was established in their Purchase and Sale agreement. When you take into account the construction timeline and the two-year RTO, the purchase price would be locked in for a period of at least four years. This effectively provides four years of purchase price certainty.

**Please note that the Rent to Own program will proceed only upon District of North Vancouver Council’s approval for Anthem’s rezoning application to re-develop the Seymour Estates property. all information from the anthem website.

Want to know if you qualify for this program ? contact Carmel Frandsen or Marco Pontillo PREC

To  learn more about the program, please contact us Click Here 

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