Purchase Plan Program by Key

Key is launching a new initiative called the Purchase Plan to help more Canadians become homeowners years sooner.  It is a new self-directed program allowing aspiring homeowners to shop with us for a home of their choice.

How will it work?

Answer a few questions to qualify

We go shopping together for a home of your choice

Our financial partner buys the home, and you move in

Ever dreamed of becoming homeowner?

But wanted to do it on your terms without the burden of a big down payment and a mortgage, then the Purchase Plan program may be right for you. Click the button below to join our waitlist or scroll down to the FAQ section to learn more.

Home purchases are scheduled to begin this April and May with limited spots available in our initial launch! Please fill out some basic information about yourself. We will reach out to you shortly with a link to go through our qualification process.



How will I know if this program is for me?

If you’ve had difficulties saving up for a downpayment or qualifying for a mortgage, this program is for you.  

Here are some examples of such cases:
1) You who haven’t saved enough money for a traditional down payment to qualify for a mortgage.
2) You have had credit challenges or are still repairing your credit.
3) You’ve just moved to Canada and have little to no credit history.
4) You’re self-employed.
5) You want to reserve your home now but want to wait for interest rates to fall to get a mortgage.

What types of homes will I be able to buy?

Condos, semis, townhomes and singles are all fair game
(subject to your home budget).

Is there a limit to how expensive a home can be?

Our preference is for homes that are priced below $1 million. After learning more about you and your financial situation, we can establish the proper home budget for you.

How long is my co-ownership term?

Initially, terms will start at 5-years. That means we will put you on the right path to buy the home from us during your 5-year term. Terms may be extended for an extra year at our discretion.

What is different about this program compared
to Key’s other programs?

Our original Key co-ownership program focused on homes that other property owners added to the Key platform. That program is not going away, and we are actively working to onboard more 3rd party-owned homes. In our new program, you can choose a home you want to live in and purchase at the end of your term!

What information will I need to submit
during the pre-qualification process?

We’ll need to assess your income and credit profile and verify your Identity. Our seamless automated verification process will prompt you to connect your bank account, provide your SIN and submit a photo ID.

Will I be paying market rent each month?

You will not be paying rent. Instead, your monthly payment will include property taxes, financing costs for your home (principal and interest), and an additional amount which will go towards your down payment savings account. You will also be responsible for repairs and maintenance that takes place during your term. This program is for those who don’t wish to part ways with a large down payment right away, but can carry the costs of being a homeowner today.

How will I find my dream home?

We will pair you with one of our realtor partners who will send you home listings that fit within your home budget. Once you see something you like, you will set up a tour. If you find a home you absolutely want to own, we will place an offer on it.

Who will purchase my home with me?

Homes will be purchased by a real estate fund and Key will administer the Purchase Plan program on behalf of the fund.

Am I obligated to buy at the end of my term?

Yes, you are committing to buying the home from us by the end of your initial term.

Are home offers conditional on anything?

Yes, offers to purchase homes depend on a favorable home inspection that doesn’t reveal structural damage, hazardous substances, prior infestations, etc. You will also have a chance to review the contract with your lawyer before we finalize the deal.

Is there a minimum down payment
I need to make?

The minimum down payment is currently 5% of the home price. The initial down payment and ongoing equity contributions you make will be credited toward your final purchase price at the end of your term.

What are the minimum requirements to
qualify for the Purchase Plan program?

We currently require a total annual household income of at least $100,000, enough savings to make at least a $20,000 down payment and a credit score of at least 500.

Are there any geographical restrictions
for home purchases?

We are currently limiting purchases to Ontario but expect to expand to other provinces soon.