The Daniels Corporation and Equivest Capital Group have launched the first luxury highrise in Toronto to offer a rent-to-own program. Located within the award-winning NY Towers community at Bayview and Sheppard Avenues, The Chelsea is a new eight-storey, 129-suite residential tower in which every suite is available to rent-to-own.

Two-bedroom suites start at $274,900 and rent for $1,829/month, with $6,000 accumulated towards the down payment after one year.

A typical one bedroom plus den suite will cost $185,400 and rent for $1,249/month. The Home Investment Program (HIP) allows residents to accumulate $200 of that amount each month, for a total of $2,400 after a one-year lease.

"Our innovative Home Investment Program (HIP) allows tenants to accumulate a significant portion of their monthly rent toward a down payment for the purchase of their suite," says Martin Blake, Director of Project Implementation for Daniels. "For many, the program will offer the extra help needed to make their dream of home ownership a reality, and to be part of our NY Towers community."

Participants in The Chelsea HIP program who purchase their suite after one year of renting accumulate up to $6,000 toward their down payment. In addition, they will also receive a gift certificate through the Royal Bank's New Home Buyers Advantage Program, equal to 1% of the mortgage value, redeemable at the Home Show or any Brick warehouse location.

The Daniels Corporation is one of Ontario's leading and most diversified builder-developers, with a reputation for quality and integrity in all forms of residential communities. The company has received numerous industry awards including, most recently, the prestigious Ernest Assaly Highrise Builder of the Year Award from the Ontario New Home Warranty Program.