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New program is helping renters become owners starting with just 1% down

New 1% down home offer

A popular new pathway to homeownership is now available in Kelowna and helping renters become first time buyers with only 1% down. HomePlan Kelowna is a new type of rent-to-own program, set apart from other structures that are designed to favour landlords. HomePlan provides purchasers with a right to purchase option with a registered interest on title, meaning their financial interests are legally protected.

HomePlan Kelowna’s current offer features smart studio homes, many including a turnkey furniture package designed to stylishly maximize space and take away the burden of having to furnish a home for first time buyers. Starting at $278,009, these efficient personal living spaces are part of a technologically enhanced building that provides ease of ownership and security.

There is also an impressive amenities package including green spaces, a coworking space, a full gym and social areas and lounges designed to enrich resident lifestyle and foster community within the building.

“These HomePlan studios aren’t necessarily meant to be a ‘forever’ home,” says Sylvia McNamee, who is directing HomePlan Kelowna, “but to be an alternative to paying rent to a landlord that gets you into the real estate market much earlier than most people could anticipate.

“With 1% down, young buyers can start building equity and a credit history, so that in as few as five years, they can become a homeowner at a much younger age than would otherwise be achievable for most. From there, the opportunity opens up to parlay that starter home into something larger, but in the meantime you are living in a very comfortable, brand new condo with really every type of lifestyle amenity you would want in a very convenient central Kelowna location.”

The program has launched sales and is already proving popular with both first time buyers and parents with children attending UBCO as a preferable alternative to rental housing that offers students the possibility of becoming homeowners as early as one year after graduation.

Click to learn more about HomePlan Kelowna and see studio floor plans, building amenities, features and more. Homes will be available for move-in as early as summer 2024.

This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.

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