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Rent-to-Own Homes in St. Albert, Alberta
St. Albert, Alberta, is a hidden treasure that is just waiting to be found. It is tucked away along the lovely Sturgeon River. With a population of over 68,000 people, this city offers a distinctive mix of opportunities and a close-knit community while retaining the peace and facilities of a larger city.
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The cost of living in this picturesque city is almost 25% less than the national average of $4,087. This is particularly notable when it comes to housing costs, a significant factor in the overall cost of living.
For anyone interested in homeownership possibilities in Alberta, St. Albert features a diverse range of rent-to-own properties. This charming city, known for its beautiful parks and a strong sense of community, offers an excellent environment for aspiring homeowners.
View the latest rent-to-own properties in St. Albert
Real Estate Trends in St. Albert, Alberta
Understanding the current real estate market is essential to making an informed choice about rent-to-own properties in St. Albert. Let's examine the neighbourhood housing market.
The housing market in St. Albert provides a wide variety of choices. You can find anything you're looking for here, whether it's a cozy townhouse, a large family home, or something in between. The city's real estate market accommodates a range of tastes and price ranges.
As of September 2024, St. Albert's housing market continues to face a limited supply, with only 94 new listings in the last 28 days. This trend is consistent with national patterns, contributing to a significant increase in home prices. As of May 2024, the average sold house price in St. Albert is $538,000. Despite a decrease in year-to-date sales, the strong demand for housing in St. Albert remains evident, with many properties attracting multiple offers. This dynamic environment underscores the ongoing strength of the local real estate market.
How Rent-to-Own Works in Alberta?
Rent-to-own, also referred to as an alternative path to homeownership, is a special arrangement that allows individuals to rent a property with the option to purchase it in the future. This arrangement might be a good option for people who can afford a home but have challenges obtaining a conventional mortgage.
The unique rent-to-own concept of homeownership allows you to rent a home with the intention of purchasing it at the end of the rent-to-own contract. This plan attempts to bridge the gap for prospective homeowners who face obstacles like a lack of Canadian credit history, poor credit, a low income, or the issue of saving for a sizeable down payment.
An illustration of how the finances for a rent-to-own scenario may look is as follows:
Approved Home Purchase Price: $350,000
Initial Down Payment: $350,000 x 2% = $7,000
Monthly Payment: $3,184 (Rent: $2,815 + Savings: $368)
Cumulative Savings: $7,000 + ($368 x 36 months) = $20,248
Buy Back Price After 3 Years: $405,169
Tip: Use our rent-to-own payment calculator to estimate your monthly payments for rent-to-own in St. Albert.
How Does Requity Homes Rent-to-Own Program Work?
1. Apply to Qualify
Find out your eligibility and home budget with Requity Homes. It's free and will not impact your credit score. Apply for our rent-to-own program.
2. Find Your Dream Home
You have the freedom to choose the home you'd like us to purchase for you. We'll handle the purchase process. Browse rent to own listings.
3. Move-In and Save Up
Rent your dream home and start saving more of your down payment every month. With Requity Homes, you're on the path to building your future.
4. Buy Your Home or Walk Away
When you're mortgage-ready, you have the option to buy back the home from Requity Homes. Alternatively, if your plans change, you can walk away and cash out your savings.
With rent-to-own, you can live in the house you want to buy before you really own it. This allows you to test out homeownership to see if it's the best option for you and provides you the chance to get to know the property and the neighbourhood before making a long-term commitment.
Learn more about how our rent-to-own program works.
Overall, those who are considering moving and seeking for a way to fulfil their dream of homeownership should strongly explore the Requity Homes rent-to-own programme. The rent-to-own programme might be the best option for you because it allows you to develop equity and build your credit score while you're renting, gives you the option to buy or not buy at the conclusion of the lease term, and gives you the chance to try out homeownership before committing long-term.
So, if you're ready to take the next step towards homeownership, consider the Requity Homes rent-to-own program.
Get pre-approved and start your homeownership journey now
