A pathway to future homeownership

The Canadian real estate landscape has changed significantly since the early 2000s, back when buying a home was achievable for almost anyone with steady employment. Today, homeownership in markets like Vancouver or Toronto is far more challenging unless buyers are prepared to spend beyond their financial means on a down payment and the rest of their lives drowning in debt.

“Employment rates have not kept pace with the growing demand for jobs, post-pandemic,” observes John Hickey, Senior Director, Residential Asset Management and Property Management at The Daniels Corporation. “Mortgage rates have seen a sharp increase, as well as job turnover rates. Income uncertainty is more prevalent now than it has been in the past. These conditions have created affordability pressures for all age groups, but mostly for younger families and millennial professionals who are finding it challenging to transition from renting to homeownership.”

Combined with the supply shortage, affordability constraints are forcing existing renters to remain in their units longer; meanwhile, rising immigration and changing attitudes about renting are contributing to the heightened demand. Data shows that, increasingly, Canadians are choosing to live alone or with a roommate, resulting in a noticeable decline in turnover rates—and for the cohort that does want to invest in a new home, the exorbitant cost of housing isn’t making the transition easy.

Enter Daniels’ Home Investment Program (HIP), a unique program designed to help tenants create a pathway to future homeownership. Open to all residents of Daniels’ Gateway Rental Communities, tenants are invited to accumulate HIP dollars towards the purchase of a new Daniels home.