Adapted from an article originally published by REW on April 21, 2025, written by Zak Khan.
For many homebuyers in the Lower Mainland, saving for a down payment while also managing high monthly rent can make the path to homeownership challenging.
At INNOVA by Cascadia Development in North Vancouver, a rent-to-own program was introduced to offer another path for prospective buyers who may be able to manage monthly housing costs but have not yet accumulated the full down payment traditionally required to purchase a home.
The program was designed around a straightforward idea: instead of waiting until a large down payment has been saved before moving into a new home, eligible buyers could begin living at INNOVA while building toward ownership over time.
A Different Path to Homeownership
Rent-to-own has historically been relatively uncommon in Greater Vancouver, but rising home prices have made alternative pathways to ownership increasingly relevant.
INNOVA’s rent-to-own program was created to help prospective homeowners who may have some savings and the financial capacity to make regular monthly payments, but who are not yet in a position to secure a traditional mortgage with a full down payment.
Real estate agent Sylvia Pezzente, interviewed by REW for the original article, explained that the program could provide an opportunity for someone who does not currently have enough capital available to secure a mortgage.
Rather than requiring buyers to accumulate the entire down payment before moving into their home, the program allowed them to begin working toward that goal after taking occupancy.
How the INNOVA Rent-to-Own Program Works
Under the program described by REW, a participating buyer would initially contribute a smaller amount to secure their selected home, along with applicable GST.
After moving into the property, monthly payments would contribute toward the buyer’s full deposit and down payment during the agreed term.
At the end of that period, the resident could choose to complete the purchase of the home. If they proceeded with the purchase, the applicable money accumulated through the program would be applied toward their deposit and down payment.
This structure was intended to give prospective buyers additional time to build the funds required for homeownership while already living in the home they intended to purchase.
Flexibility for Prospective Buyers
An important element of the program was flexibility.
According to the structure outlined in the REW article, residents were not necessarily locked into completing the purchase at the end of the term.
If a participant ultimately decided not to proceed with ownership, the monthly amounts paid would effectively function as rental payments for the period they occupied the home, subject to the specific terms of the agreement.
This approach provided prospective buyers with an opportunity to work toward ownership while maintaining the ability to reconsider their decision later.
For people already accustomed to making monthly rental payments, the concept offered a way for those housing costs to become part of a potential pathway toward purchasing a home.
Contemporary Homes at INNOVA
The rent-to-own opportunity was complemented by the design and construction of INNOVA itself.
Located in North Vancouver, INNOVA is a concrete mid-rise development by Cascadia Development, offering a form of construction that REW described as relatively uncommon within this part of the North Shore.
The development includes a selection of one-, two- and three-bedroom homes, providing options for residents with different household sizes and lifestyle needs.
Interior features highlighted in the REW article included:
- Quartz countertops
- Fisher & Paykel appliances
- Contemporary interior finishes
- Views toward the water and surrounding mountains
The homes were designed around a combination of practical everyday living, modern finishes and the natural setting associated with North Vancouver.
Resident Amenities and Shared Spaces
INNOVA also incorporates spaces intended to extend life beyond the individual home.
Residents have access to an exclusive rooftop lounge and party space, providing a shared environment for gathering with friends and neighbours, entertaining or simply relaxing.
These communal areas form part of the broader vision for INNOVA: creating a development where homes, amenities, businesses and community spaces work together rather than functioning as separate elements.
BLOK Brings Everyday Amenities Closer to Home
Another defining component of INNOVA is BLOK, the retail and amenity area situated along the street between the development’s buildings.
BLOK was planned to introduce a variety of businesses and services directly into the community, making everyday destinations accessible within a short walk of residents’ homes.
At the time of the REW article, plans for BLOK included:
- Restaurants and food destinations
- Lee’s Donuts
- Delany’s Coffee
- Two childcare centres
- Boutiques
- Additional neighbourhood-oriented businesses and services
This combination of residential and commercial uses contributes to a more complete, mixed-use community where residents can access dining, childcare, shopping and everyday services close to home.
Connected to North Vancouver and Downtown Vancouver
INNOVA’s location also provides residents with access to the surrounding Queensbury neighbourhood and other North Vancouver destinations.
The development combines neighbourhood living with connections to the broader region, including relatively convenient access to Downtown Vancouver through the SeaBus network.
For residents, this means the opportunity to live on the North Shore while remaining connected to employment, entertainment and other destinations across Vancouver.
Making Homeownership More Accessible
For Cascadia Development, the rent-to-own initiative was part of a broader objective to create more accessible pathways into homeownership.
Farzad Mazarei, CEO of Cascadia Development, told REW that INNOVA was developed with the goal of making homeownership more accessible while providing a variety of home types suited to the needs of today’s buyers.
That philosophy extends beyond the rent-to-own program itself.
By combining different home configurations, concrete construction, resident amenities, commercial spaces, childcare and neighbourhood services within one development, INNOVA was designed to respond to a wider range of housing and lifestyle needs.
The rent-to-own model added another dimension to that vision by addressing one of the most significant barriers prospective homeowners can face: accumulating a large down payment while simultaneously paying rent.
INNOVA by Cascadia Development
INNOVA represents Cascadia Development’s approach to creating connected, mixed-use communities that respond to the realities of modern urban living.
Its rent-to-own initiative demonstrated one way developers can look beyond the traditional home-purchase model and explore alternatives for people who want to become homeowners but may need additional time to build their down payment.
Combined with INNOVA’s homes, resident amenities, BLOK commercial spaces and North Vancouver location, the program was designed to create a more accessible pathway from renting to ownership.
At the time the original REW article was published in April 2025, homes participating in the offering were advertised with pricing starting from $789,900. Pricing, availability, eligibility requirements and rent-to-own program terms may have changed since publication and should be confirmed directly with Cascadia Development or the INNOVA sales team.
Source and Attribution
This article is adapted from reporting originally published by REW – The Guide:
“Rent-to-own your home at Innova by Cascadia Development in North Vancouver”
By Zak Khan
Published April 21, 2025
Original source:
https://www.rew.ca/guide/articles/rent-to-own-your-home-at-innova-by-cascadia-green-development-in-north-vancouver
Original reporting and source material: REW – The Guide. Adapted for the Cascadia Development website with attribution to the original publication.
