Our homes are accessibly priced for everyone because of our land lease community model—our residents own their home and build equity without having to buy the land it sits on.
Answer: By not purchasing the land, Homefield Communities homeowners purchase their home at a lower cost. The home purchase price and the monthly lease payment is significantly less than the cost of a traditional home.
Answer: Attainable communities allow people to escape the rental cycle and enter homeownership. Creating equity for the future provides the opportunity for families to build intergenerational wealth. It also allows individuals and/or families to up-size or down-size their homes based on their wants and life stages.
Answer: In a land lease community, homeowners/tenants own their home while leasing the land from Homefield Communities on a long-term basis.
Answer: Land leasing has been around for hundreds of years in the United Kingdom, Norway, and Australia. It is also prevalent in the United States, where it makes up 7% of the housing stock. The market in Canada is growing and Homefield Communities will be at the forefront of this growth.
Answer: Homes are built through traditional stick frame, panelized, or manufactured construction. Homefield Communities is focused on manufactured construction due to the high-quality of construction and ESG benefits.
Answer: The home purchase process is the same as a traditional home purchase, whereby a homeowner chooses their lot and a mortgage is secured from a bank of your choosing with CMHC insurance. Since the land is leased, purchasers obtain a “chattel” mortgage. The homeowner will have the option to choose features and finishes for their house.
Answer: Purchasing through Homefield Communities reduces homeowner costs by as much as 35% when compared with traditional homeownership as homeowner/tenants do not purchase the land their house sits on.
Answer: Homefield Communities aims to help homeowners/tenants realize their dream of quality homeownership within vibrant communities across Canada by providing accessibly priced housing.