Requity Homes has closed a $1.2 million pre-seed round of funding.
The Toronto-based real estate platform says the early financing will fuel its growth as the company scales its approach to creating an alternative path to home ownership in Canada.
The financing round was led by Boardwalk Investment with participation from Highline Beta, Conconi Growth Partners, and several angel investors. Founding partner of Highline Beta Ben Yoskovitz was appointed to Requity’s board of directors.
Requity Homes was founded in Toronto in 2020. The company operates a rent-to-own program that empowers Canadians to get one step closer to home ownership by allowing them to rent and save for their dream home with the option to purchase at a guaranteed price.
“Requity Homes is a new innovative way to help Canadians reduce barriers to home ownership,” said Sam Kolias, President of Boardwalk Investment Limited and CEO of Boardwalk REIT. “It allows investors to partner with home buyers, helping bridge the gap between renting and owning a home.”
Requity Homes offers a steppingstone to home ownership for families that are not mortgage ready today due to credit history, lack of down payment, or self-employment.
“With the rising cost of home ownership, it has become increasingly out of reach for many families,” said Amy Ding, CEO of Requity Homes. “At Requity Homes, we are offering a fair and flexible alternative path to home ownership by introducing more innovative financing options to an underserved market.”
Leveraging robust underwriting technology, Requity Homes can assess aspiring homebuyers’ future mortgage capability. When clients are ready, they can buy back the home at a predetermined price and become a proud homeowner. The program helps to bridge the gap between renting and owning by giving renters the price security and certainty to save towards ownership.
The program is currently available throughout Northern Ontario with plans to expand into Western Canada by end of 2022.