Rent To Own

Hochelaga Homes offers a Rent to Own Program to approved purchasers of properties at 660 Hochelaga Homes.  This program offers purchasers the opportunity to purchase a unit at “today’s price” with a delayed closing date.  This program is perfect for purchasers who wish to occupy the unit immediately but need more time to assemble their down payment funds or to qualify for a mortgage in order to purchase the property.  Purchasing through the Rent to Own Program allows purchasers to lock in the purchase price while they are arranging their financing. 

 

During the delayed closing period (up to a maximum of 18 months) the purchasers pay an occupancy fee plus a monthly deposit to be credited to the purchase price of the property on closing.  For illustrative purposes an example is set out below:

 

1. Assume that on January 1, 2026 purchasers agreed to purchase unit 26 for the amount of $575,000 and elected to do so through the Rent to Own Program. 

2. Assume that the vendor and purchasers have agreed that the closing shall take place on February 1, 2027. 

3. Pursuant to the terms of the Rent to Own Program, during the 13 month delayed closing period the purchasers would pay an Occupancy Fee of $2,750 per month plus a monthly deposit of $500 per month plus a $100 per month contribution toward condominium fees. 

4. On closing the purchasers would receive a credit of ($500 x 13 months =) $6,500 and would pay ($575,000 - $6,500) = $568,500 plus all the normal related closing costs. 

5. In the event that the purchasers fail to close on the closing date the purchasers would forfeit their deposit and be subject to the normal liabilities for failing to close. 

 

If you wish to explore the details of the Hochelaga Homes Rent to Own Program please contact Hochelaga Homes and request the Hochelaga Homes Rent to Own Program documentation.   Hochelaga Homes reserves the right to determine whether particular purchasers qualify for the Rent to Own Program.