TORONTO--(BUSINESS WIRE)--Zown, an end-to-end, tech-powered real estate brokerage transforming how Canadians buy and sell homes, today unveils a suite of new products and partnerships following an impressive 400% growth since becoming a brokerage in 2023. Designed to make homeownership more accessible and affordable, this expansion underscores the growing demand for personalized support and education to guide Canadians through the often-complex homeownership journey.
Zown is proud to introduce an exclusive partnership with Cedar and two new products to its existing model — a budgeting app and a home-buying app, each designed to address the evolving needs of Canadians struggling with the ongoing barriers to homeownership.
“Homeownership has long been a cornerstone of building wealth, yet for many Canadians, it feels increasingly out of reach,” said Rishard Rameez, CEO and Co-Founder of Zown. “At Zown, we are committed to addressing these challenges by providing innovative products and services that simplify the process and empower Canadians at every stage of their journey. With the right tools and support, we believe homeownership can be a realistic and achievable goal for everyone.”
Leasehold Model with Cedar
While recent interest rate cuts offer modest relief to Canadian homeowners, other systemic barriers prevent many from achieving homeownership.
In response to Canada’s pressing housing affordability crisis, Zown is partnering exclusively with Cedar in Canada, a company making homeownership more affordable through an innovative leasehold model. Rather than buying both the land and the house, Cedar purchases the land while the homeowner buys the structure itself. This arrangement, known as a leasehold, allows homeowners to lease the land for 99 years, with the option to purchase the land back at any time. The goal is to provide a more affordable path to homeownership in high-demand areas, where land prices often make homeownership unattainable.
“At Cedar, we believe that homeownership should be accessible to everyone, and our innovative leasehold model is designed to make that vision a reality,” said Patrick Lee, Head of Canada and Partner of Cedar. “By separating the cost of the land from the home itself, we lower the financial barriers that have made homeownership out of reach for so many Canadians. Our partnership with Zown is a critical step toward helping more Canadians, especially those struggling with high down payments and rising home prices, take the first step toward homeownership.”
This model provides several benefits to buyers, including:
- Reduced monthly costs on mortgage debt and interest to help keep more money in buyers’ pockets.
- Lower income requirements make it easier for Canadians to qualify, reducing financial strain.
- Allows buyers to purchase their home by overcoming traditional barriers such as high down payments and stress test challenges.
Already proven successful in the U.S., Cedar’s leasehold model allows buyers to purchase a home by overcoming traditional barriers such as high down payments and stress test challenges. Together, Cedar’s leasehold model paired with Zown’s Down Payment Boost program, providing 80% of commissions back to the buyer upfront, enables home buyers to purchase a home with 0% of their own money down.
Tailored Savings Plans
Despite Canada’s new mortgage rules aiming to support first-time homeowners, rising home prices mean it could still take home buyers nearly a decade or more to save up for the minimum 5% down payment, with a significant portion going towards closing costs.
To support every step of the homebuying journey, Zown’s new budgeting app gamifies the journey of saving up for homeownership, providing more visibility for Canadians on their progress. The app will help prospective home buyers set goals, track progress against a personalized budget, and celebrate every milestone, transforming saving into the most flexible part of the home-buying journey.
Seamless Home Buying Journey
As the next step of the homebuying process, Zown recognizes the increasing desire for personalization when searching for the right property. Its home-buying app will create a seamless user experience, making finding, valuing, and purchasing a home easier. Key features of the app will include:
- AI-powered Property Matching: Homebuyers can find the perfect home-based preferences and personalized property recommendations tailored to taste and budget.
- Valuation Tool: Project how much a property could appreciate over the next two years, driving smart investment decisions.
- Smart Offer Suggestions and Acceptance Probability Tools: Take the guesswork out of homebuying and calculate the likelihood of offers being accepted to make competitive and confident bids.
- Schedule Instant Showings: Schedule showings in minutes, connecting homebuyers with local realtors within 5km of the property.
- Effortless Mortgage Pre-Qualification: In partnership with Equifax and major banks, homebuyers can provide accurate mortgage pre-qualification in under three minutes directly within the app.
Over the last year, Zown has completed over $100 million in transactional volume and provided over $3 million in down payment assistance to help more than 200 Canadians become homeowners. By 2026, Zown aims to help more than 1,000 Canadians buy a home, bridging the gap between their down payment and savings.
The Homebuying app is available now in the App Store, and the Savings app will be available in early spring 2025.
For more information, visit www.zown.ca/
About Zown
Founded in 2021, Zown simplifies Ontario’s home buying and selling process, guiding homeowners from end-to-end, from pre-qualification to closing, with a mission to make homeownership accessible and affordable. With over 300 realtors and 15,000 clients across the province, Zown has closed over 200 homes, with over $100,000,000 sold.
About Cedar
Cedar is redefining homeownership by making it up to 50% more affordable through a modern take on the leasehold. Now available in Canada, Cedar purchases the land beneath homes, reducing upfront costs, monthly payments, and financial barriers for homebuyers. Individuals and families can own the home while leasing the land for up to 99 years, with the option to purchase the land when financially able. By partnering with realtors, lenders, and mortgage brokers, Cedar is democratizing access to homeownership and helping more people achieve financial independence through affordable, sustainable housing.
