TORONTO--(BUSINESS WIRE)--Requity Homes, a property technology firm based in Toronto, Ontario with the mission to make homeownership more accessible, announced the closing of $26 million in equity and debt financing. Co-led by Highline Beta and experienced tech executive and angel investor Sam Sun, the equity financing round also included continued participation from major investor Boardwalk Investment Ltd (Kolias Family Office), Conconi Growth Partners and several angel investors, with new participants including Archangel Adrenaline Fund. Mike Dobbins, a prominent financial services executive & investor made a follow-on investment and was appointed to the Requity Homes’ board of directors.
Millions of Canadians make consistent monthly rent payments and have the cash flow to afford a home but still cannot qualify for a mortgage. They might be newcomers lacking Canadian credit history, small business owners and gig economy workers facing challenges in getting their income recognized, or families with fair credit scores. Regardless of their situation, they find themselves unable to access homeownership via traditional channels, leaving many Canadians extremely frustrated and out of the housing market.
Requity Homes is pioneering a modernized rent-to-own program that is breaking down the barriers to homeownership. Traditionally, Canadians were restricted to either being homeowners or renters. Requity Homes introduces a third option, allowing Canadians to rent and save for their dream homes with the option to purchase at a guaranteed price.
“We’re excited to continue supporting Requity Homes and its social mission to make homeownership more accessible for an underserved customer segment,” said Ben Yoskovitz, founding partner at Highline Beta.
“Requity Homes is helping to tackle the homeownership gap by putting financial education front and center in its clients’ experience. Every part of the program, from credit coaching to rent reporting, is focused on getting clients ready for homeownership as soon as possible,” says Sam Sun.
Sam Kolias, CEO of Boardwalk REIT and President of Boardwalk Investment Limited added, “We believe in Amy Ding and Requity Homes. Now more than ever Canada is in need of affordable homes. Since we first invested in Requity Homes, the team has remained singularly focused on creating a homeownership program that is fair and flexible. Requity Homes makes homeownership attainable by leveraging investors who provide upfront capital to support Canadians looking to take their first steps towards owning a home. Our ongoing support for Requity Homes affirms our belief in their commitment to build a homeownership company that consumers can trust.”
Established in 2020, Requity Homes has received thousands of applications from clients in need of alternative homeownership options and has seen 5x growth year-over-year. This substantial financial backing will bolster the company's ambitions to extend its reach within target markets from Ontario to Alberta, Manitoba, and Saskatchewan, further enabling Requity Homes to provide its alternative financing solution to a growing underserved market.
Amy Ding, CEO of Requity Homes, added, "With the increasing challenges in the housing market, alternative paths to homeownership are essential. We’re proud to share that 80% of our customers have successfully bought back their homes in 18 months on average. This is a strong testament to our commitment to providing innovative and practical financing solutions for many newcomers, self-employed workers, and business owners in need."
Amanda and Brad, early clients of Requity Homes, transitioned from renting to owning in just two years. "We started a new tourism business in Sault Ste. Marie, Ontario and as new business owners, we didn’t qualify with any major banks to get a mortgage. In February 2021 we moved into our dream home with Requity Homes, and ended up buying it two years later at a guaranteed price that was much lower than market value. We’re so happy to have found Requity Homes!"
Maria and Jose are another Requity Homes success story. They bought back their home in 15 months. Originally from Colombia, the young couple immigrated to Sault Ste. Marie, Ontario in 2021 and didn’t have any Canadian credit history to qualify for a traditional mortgage. “It was very important for us to have a home where we could host our families when they moved to Canada. We didn’t have this option available when we first moved here,” Jose explained. With Requity Homes, Maria and Jose moved into their dream home in September 2021 and successfully bought back the home in December 2022.
The secured financing enables Requity Homes to continue its mission of empowering more Canadians to realize the dream of homeownership, ensuring stability, and financial growth for families across the country.
About Requity Homes
Requity Homes Inc. is on a mission to create a fair and flexible alternative path to homeownership in Canada by offering a modernized rent-to-own program that enables aspiring home buyers to live in their dream home today with the option to buy it back later while saving for their down payment one month at a time. The program is currently available throughout Northern Ontario (Sudbury, North Bay, Sault Ste. Marie and Thunder Bay), Saskatchewan (Saskatoon, Regina), Alberta (Calgary, Edmonton) and Manitoba (Winnipeg). For additional information, visit RequityHomes.com
