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Amy Ding

Requity Homes is creating a new path to homeownership in Canada via a modernized rent-to-own program.

Tell us about yourself?

Homeownership is something that’s close to my heart. I still remember having to move seven times during my first two years in Canada. That experience just reinforced how important homeownership really is. Owning a home is so much more than just having a roof over your head. It’s a place to call your own, to raise a family, and to build wealth. Yet, too many families find themselves on the outside looking in, feeling stuck renting. Rising home prices, stagnating wages, and tightening mortgage requirements have left many unable to achieve their homeownership dreams. About two years ago, I saw the opportunity in Canada to help families who could afford the cost of a mortgage but, for whatever reason, found themselves unable to get one. That’s when I decided to quit my corporate job and start Requity Homes.

If you could go back in time a year or two, what piece of advice would you give yourself?

Enjoy the journey as much as the destination! It’s important to remember that the destination is just one aspect of the experience. Often, the true value lies in the journey itself. Embracing the process, the challenges, the growth, and the memories made along the way can provide a wealth of fulfillment and personal satisfaction.

What problem does your business solve?

Millions of Canadians 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 lacking the 20 per cent down payment.

What is the inspiration behind your business?

Homeownership is something that’s close to my heart. I still remember having to move seven times during my first two years in Canada. That experience just reinforced how important homeownership really is. Owning a home is so much more than just having a roof over your head. It’s a place to call your own, to raise a family, and to build wealth. Yet, too many families find themselves on the outside looking in, feeling stuck renting. Rising home prices, stagnating wages, and tightening mortgage requirements have left many unable to achieve their homeownership dreams. About two years ago, I saw the opportunity in Canada to help families who could afford the cost of a mortgage but, for whatever reason, found themselves unable to get one. That’s when I decided to quit my corporate job and start Requity Homes.

What is your magic sauce?

Requity Homes’ model acts as the ideal stepping stone to homeownership:

  1. Save for a down payment, one month at a time: Every month, our clients set aside a fixed monthly payment that goes towards their down payment to help them build up more savings, ensuring they have the down payment needed to buy their home by the end of the program.
  2. Flexible purchase timeline: Clients are able to purchase their homes earlier in their rental term should they become mortgage ready sooner.
  3. Option, not obligation: Clients have the option to purchase their home at a pre-determined buy-back price and choose whether to exercise that option or walk away with their savings* should the home no longer meet their needs.
  4. Rent reporting: We report rent payments to credit agencies, helping clients improve their credit scores over the duration of the program.
  5. Financial counselling: We provide personalized financial education that is tailored towards each client, working with them to make sure they’re mortgage-ready by providing them advice unique to their circumstances.

What is the plan for the next 5 years? What do you want to achieve?

We want to help 10,000 families get into homes by 2030. We want to create a future where rent-to-own a home is as easy and mainstream as lease-to-own a car.

What is the biggest challenge you’ve faced so far?

The biggest challenge I have faced so far in my entrepreneurship journey has been learning how to pace myself. Entrepreneurship is more like a marathon than a sprint, and realizing this has been crucial for my long-term success and well-being. Nothing gets me more annoyed than having to wait to get things done.

How can people get involved?

You can check us out on our website, www.requityhomes.com, email us at info@requityhomes.com, or call us at 855-952-6492.