4 mins

5 New Updates from Key

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Our homeownership-on-demand model has evolved in five important ways that we are excited to share.

1. It now starts with $15,000, or 2.5% of your suite's value.

Our mission is to create a world where real estate is a source of freedom and prosperity for everyone. Now, we’re making it even more accessible by lowering the minimum down payment to become a Key owner-resident. Instead of $25,000, you will now only need an initial investment of $15,000 - or 2.5% of the value of the suite you choose - to become an owner-resident.So, if you're interested in a suite valued at $600,000, your initial investment would be $15,000. If the suite was $500,000, your initial investment would be even less ($12,500).Why are we making this change? After doing more research and speaking with other aspiring first-time homeowners, it became clear $25,000 still locks out a lot of the people we would love to be part of our Key communities.

2. You will now build equity in the suite you live in.

Now instead of owning equity in an overall portfolio, you will co-own the specific suite you select from our portfolio. Your equity will grow with the value of your suite.While people don’t want to be locked into a mortgage, many are still keen to own the place they live. So, we made this change to deliver on that desire. You can learn more by reading our FAQ.

3. You can now use your RRSP.

We also learned in our research that many aspiring first-time homeowners prioritize contributing to their RRSP over other savings and investments. We are now on track to enabling first-time buyers like you to benefit from leveraging your RRSP for the initial investment of $15,000 or 2.5% of your suite's value.

4. A portion of your monthly residency payment will help build equity.

Now $50 of your monthly residency payment will go towards growing your home equity. The rest pays important things like maintenance costs, shared building expenses, and property taxes. You can also contribute more at any time. Every time you contribute, your monthly residency payment is reduced.

5. We're launching a self-directed option.

Key is now offering aspiring homeowners the option to select the condo you’d love to own and then we will buy it on your behalf. So, if you prefer neighbourhoods like Leslieville or Yonge & Eglinton to the downtown core, we’ve got you covered. Just like all the owner-residents at Key, it only takes $15,000 (or 2.5% of the value of the suite) and there’s no mortgage.We're limiting this self-directed option to a maximum of 20 aspiring homeowners to start, so let our team know if you’re interested. We’re happy to introduce you to one of our recommended realtors as well if you’d like.We’ve evolved Key in these five ways to make the dream of homeownership a reality for many more people like you.If you'd like to discuss these updates with the Key team, you can book a call with our CMO, Alison Simpson, here.

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