Belmont Rental Rewards Program (Rent-To-Own)
An innovative concept geared to help Crossing at Belmont’s qualified tenants become Belmont Residences homeowners.
With the recent changes of government regulations, including the new financial stress test for borrowers, it’s becoming more difficult for buyers to be able to afford a new home. We are delighted to be able to help put homeownership within the reach of more people.
It is not often that a developer has available in the same master-planned community, and at the right time, both new purpose-built rental and market condominiums this program allows us to lease the units at the Crossing and find buyers for Belmont Residences.
This program is possible with the collaboration of the City of Langford.
- Crossing at Belmont units have been available for rent since October 15, 2019.
- Belmont Residences West will be completed in the Spring of 2020.
- Belmont Residences East:
- VIP Rental Rewards Program unveiling – February 27th from 5:00 PM to 7:00 PM. You need to be enrolled into the program to receive a VIP invitation.
- VIP Rental Rewards Program Sales start – March 1, 2020, by appointment only
- the Member is an individual or more than one individual, together called “the Member”
- the Member enters into a single residential tenancy agreement with the owner/manager of Crossing at Belmont for a Rental Unit with an initial term of at least one (1) year
- the Member is the original tenant of the Rental Unit (meaning the Rental Unit was not previously rented or occupied by another person and the Member is not a subtenant)
- the Member occupies the Rental Unit as a principal residence, and the Tenancy Agreement is still in effect, until the Member completes the Purchase Contract of a condominium at Belmont Residences.
- in order to purchase a condo at Belmont Residences West only, the Member will have occupied the Rental Unit at Crossing at Belmont for a period of at least six (6) months;
- the Member is in good standing and has fulfilled its obligations under the Tenancy Agreement at the time of signing Purchase Contract and the date of closing of the condominium; and
- the Member provides evidence to the Belmont Residences sales team that they are in good standing with the owner of Crossing at Belmont at the time of signing the Purchase Contract, in a form satisfactory to the Vendor.
The enrollment form should be completed as soon as you complete your lease with Devon Properties. If you would like to see this before we can provide a copy.
By renting one of the 156 Rental Units at Crossing at Belmont (starting Fall 2019); eligible Members will earn 25% of the value of their monthly rent, represented in “Belmont Rental Rewards Points” that can be applied towards the purchase of a residential unit at Belmont Residences, up to a maximum of 5% of the purchase price of the Residential Unit.
For clarity, the Member will not earn or be entitled to any Points for rent paid outside the Eligibility Period or payments made in connection with the Tenancy Agreement other than those payments made as monthly rent including, for example, security deposit, parking charges, and similar fees or charges.
For more clarity, the Belmont Rental Rewards Points:
- Have no cash value (which means that they can only be redeemed for credit as provided in the enrollment form)
- May not be redeemed for cash, are non-transferable, and the Member has no property rights in or to the Points or other Program benefits.
- Cannot be applied, exchanged or redeemed in any way except as expressly set out in the enrollment form.
- Points earned by one Program member cannot be combined with Points earned by another Program member.
- Points can only be redeemed on a one-time basis and are of no further effect once redeemed;
- Automatically expire without notice or compensation to the Member on the day that the last Residential Unit at Belmont East and Belmont West is transferred to a purchaser; and
- The revenue ‘points’ cannot earn interest.
For more information, please refer to the enrollment form
The Eligibility Period commences the first day that any rental unit at Crossing is occupied by a tenant (the “Program Start Date”) and ending on the earlier of (i) the day on which the Member completes the purchase and sale of the condominium and (ii) the day that is 36 months after the Program Start Date (the “Eligibility Period”).
To redeem points, an eligible Member must enter into a single Purchase Contract to buy any available condominium at Belmont Residences East or Belmont Residences West and provide evidence that the Member is an Eligible Member at all relevant times.
Up to $5,000 of the total value of the credit earned will be applied against the second deposit obligation under the Purchase Contract.
On completion of the Purchase Contract of the condominium, the Vendor will provide that Member with a credit on the closing statement of adjustments equal to one ($1.00) dollar for every Point earned by the Member, up to a maximum credit of five (5%) percent of the purchase price of the condominium, less the portion (if any) applied against the second deposit obligation (see above). For greater certainty, the purchaser under the Purchase Contract must be the same individual(s) who are named on this Enrollment Form as the Member.
The Belmont Rental Rewards program is designed for original Crossing at Belmont qualified tenants to become owners at Belmont Residences East and Belmont Residences West, at this time the developer has not included any future phases into the program.
No matter what size unit you rent you are not obligated to purchase the same. You can purchase a 1 BED, 1BED + Den, 2BED or 2BED + Flex even if you rent, or do not rent a 2 Bedroom unit.
You are not obligated to purchase a condominium come March 2020.
However, once you are a member and have enrolled into the program, you get insider’s information and priority selection before anyone else. This is the earliest opportunity you have to enter into a Contract of Purchase and Sale securing the unit that you really want.
Please note that the residential units, once made available by the Vendor, will be offered for sale concurrently to members of the Program and the general public on a “first come, first served” basis and they are subject to availability.
This is only a summary. For a complete list of restrictions and limitations, please refer to the Program Enrollment Form.
This document is only a summary of the relevant legal documents. As such, it is general in nature and does not include all relevant terms and conditions of the Belmont Rental Rewards Program. Graphical and pictorial depictions are intended to reflect certain features of the Program. This document must be read in conjunction with the actual legal documents and any conflict or inconsistency between this document and the terms of the legal documents will be governed by the applicable legal documents.